Nova Ljubljanska Banka d.d. (NLB), Slovenia's largest bank headquartered in Ljubljana, announced on 9 November 2026 that it has mandated four major financial institutions to organise investor meetings ahead of a potential subordinated notes issuance targeting Additional Tier 1 capital. The expected nominal amount is EUR 300 million, subject to favourable market conditions. The perpetual notes, which carry no scheduled maturity, will be offered exclusively to eligible counterparties and professional clients outside the United States. Investors will be watching whether market conditions support the issuance proceeding as envisaged.

Key Points

  • Nova Ljubljanska Banka d.d. (NLB), listed on the Ljubljana Stock Exchange
  • NLB has mandated four joint lead managers to arrange investor meetings ahead of a potential EUR 300 million AT1 subordinated notes issuance
  • Notes are perpetual with no scheduled maturity; expected nominal amount EUR 300 million, subject to market conditions
  • Investors should monitor whether favourable market conditions materialise and the issuance is confirmed to proceed

NLB Mandates BofA, Goldman Sachs, Erste and UBS for AT1 Investor Roadshow

NLB d.d. has appointed BofA Securities Europe SA, Erste Group Bank AG, Goldman Sachs Bank Europe SE, and UBS Europe SE, alongside NLB itself, as Joint Lead Managers for the transaction. The group will organise a series of fixed-income investor meetings ahead of the potential note issuance. This roadshow process is standard practice in European capital markets, allowing issuers to gauge institutional demand and refine pricing before formally launching a transaction. The involvement of four prominent European and global investment banks signals the significance NLB is placing on this potential capital raise.

EUR 300 Million Perpetual Subordinated Notes Aimed at Strengthening NLB's AT1 Capital Base

The proposed notes are subordinated instruments intended for inclusion in NLB's Additional Tier 1 capital, the layer of bank capital that sits above common equity tier 1 in terms of loss-absorption hierarchy under European prudential rules. The instruments carry no scheduled maturity date, making them perpetual in nature. The expected nominal amount is EUR 300 million, though the announcement explicitly states this remains subject to favourable market conditions. AT1 instruments are closely scrutinised by bank investors, given their capacity to be written down or converted under certain stress scenarios defined by regulators.

Offering Restricted to Professional Clients Outside the United States

NLB confirmed that the notes will be offered solely to eligible counterparties and professional clients, explicitly excluding the United States from the distribution scope. This restriction is consistent with standard Regulation S-compliant European capital market transactions, which limit marketing to qualified investors in permitted jurisdictions. NLB d.d. is based at Trg republike 2, 1000 Ljubljana, Slovenia, and operates as the country's leading banking group. The announcement was made pursuant to Ljubljana Stock Exchange rules and Article 17 of EU Market Abuse Regulation No 596/2014, underscoring its disclosure obligations as a listed issuer.