Swedish neobank Northmill has repurchased bonds with a nominal value of SEK5.5m (£4.77m). The repurchase concerns the challenger bank’s senior unsecured bonds with a nominal outstanding amount of SEK500m (£41.48m).
The bonds have a floating rate corresponding to STIBOR 3m plus 8.0% and are due in September 2021. The average purchase price corresponds to 100.59% of the nominal value of the bonds.
The tech bank claimed that the repurchase aimed to improve its net interest income.
Northmill is one of several new Nordic neobanks. Others include Lunar, Rocker and Icelandic indó.
As FinTech Global has previously reported, the region’s challenger banks may be about to take a huge leap forward.
The growth of the sector is partly propelled by the fact that the incumbents in the Nordics are dealing with the fallout of the Danske Bank money laundering scandal.
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