INDEXO Banka bond issue

About INDEXO Banka

AS INDEXO Banka is a Latvian bank headquartered in Riga, operating within the local financial sector and licensed in May 2024, becoming the first new credit institution licensed in Latvia since Latvia joined the Eurozone in 2014.

The Bank offers core banking services to private individuals through a mobile platform and has rapidly built a customer base of over 57,100 clients, supported by its parent IPAS INDEXO, a Nasdaq-listed financial services group active in pension management, banking services for private individuals, and non-bank lending.

Since launch, INDEXO Banka has delivered strong growth, with its loan portfolio reaching EUR 76.7 million in Q1 2026 (+38% YTD), driven by mortgage refinancing where it captures 60–70% of switching customers. The Bank maintains a conservative risk profile, with an average LTV of 55% and mortgages accounting for 42% of the portfolio. Deposits have grown at an average rate of 23% per quarter since Q4 2024, exceeding EUR 90 million. Net interest income reached EUR 1.39 million, representing approximately 80% of total revenue of EUR 1.8 million.

The proceeds from the bond issue will be used to strengthen the Bank’s total capital base, support further growth of the loan portfolio, and for general banking and IT development purposes.

Additional information: https://signetbank.com/wp-content/uploads/2026/04/INDEXO-Banka-teaser-EN.pdf

Term Sheet

Issuer

AS INDEXO Banka (Latvia)

Security type

Tier 2 Subordinated Bonds

ISIN

LV0000111078

Offer type

Public offer in Latvia, Estonia, Lithuania

Programme size

EUR 10,000,000

First tranche size

EUR 3,000,000

Coupon rate, frequency

10.0%, fixed, paid semi-annually

Maturity

10 years

Principal repayment

Maturity date, bullet

Call Option

@100% at any time after the 5th year

Nominal value

EUR 1,000

Minimum subscription

EUR 1,000

Listing

Nasdaq Riga Regulated Market within 3 months after the Issue Date

Use of proceeds

– To strengthen the Tier 2 regulative capital base
– IT Infrastructure and Service Development
– General Banking Purposes

Issuing & Placement Agent

Signet Bank (Latvia)

*Full list of covenants can be found in the Base Prospectus

Where to invest?