Saga Capital Investment Bank Iceland

Saga Capital Investment Bank today completed the sale of E-Farice bonds for a total of ISK 5 billion. The 25 year Treasury guaranteed bonds were sold through a closed bond offering on the domestic securities market which showed excess demand.

Mr. Ómar Sigtryggsson, Executive Director of Saga Capital’s Capital Markets, says this huge demand points to a positive turn in the bond market. “In today’s market environment it is vital that companies be able to seek funding on fair terms. This is therefore positive news indeed, which indicates that demand for bonds in secure companies is increasing,” says Mr. Sigtryggsson.

Saga Capital Investment Bank managed both the supervision and sale of the bonds and will register them on NASDAQ OMX Nordic Exchange. The Bank has been a leading force in the sale of bonds for Icelandic municipalities and public establishments and has managed the sale of bonds for Kópavogur, Árborg, Norðurþing and Fljótsdalshérað municipalities as well as The Regional Development Institute (Byggðastofnun).

Through the bond sale, E-Farice is securing funding for laying the marine cable DANICE between Iceland and Denmark. DANICE is an important link in creating a stable and high-quality data transport between Iceland and Europe and will significantly increase the reliability and transportation of off-land communication and internet linking for Iceland. The cable is also a precondition for creating an international data warehouse in Iceland. E-Farice has already signed contracts with Verne Holding, who is establishing a data warehouse at KeflavikAirport, and is negotiating with other such parties.