Solicitation of expressions of interest for the role of bookrunner(s) in the upcoming offering of the State’s holding in Íslandsbanki hf.

On 23 June 2024, the Icelandic Parliament passed legislation authorising the sale of the State’s remaining shares in Íslandsbanki hf. The legislation stipulates that the State’s shares are to be sold through one or more market-based public offerings, which may be structured in multiple tranches. The offering must adhere to the key principles of transparency, efficiency, objectivity, and equality, as outlined in the Public Finance Act. The law includes provisions specifying the structure of the offering, including the use of two separate order books, pricing methodology, and allocation criteria. Priority in allocation will be given to subscriptions submitted by individuals. On 14 March 2025, a proposed amendment to the legislation was introduced by the Minister of Finance and Economic Affairs, seeking i.a. to authorise a third order book to be used in the offering to ensure the participation of all investor groups. The proposed amendment is currently under review by the Icelandic Parliament.

On 5 July 2024, Landsbankinn Corporate Finance was appointed as the Ministry’s independent financial advisor. On 21 August 2024, the Ministry announced the appointment of Barclays, Citi, and Kvika as joint global coordinators in connection with the offering.

In accordance with the Act, the Ministry of Finance and Economic Affairs hereby invites expressions of interest from entities interested in acting as bookrunner(s). To be eligible, applicants must be authorised to place offerings of financial instruments without underwriting in Iceland, as provided for in the Act on Markets in Financial Instruments.

Legal entities requesting to participate and that fulfil the requirements set out in the Act are invited to apply via email to [email protected]. Submissions should include:

• A brief overview of the party’s relevant qualifications and experience;
• Information on prospective investor reach and potential demand sources;
• Any additional details the party deems relevant in support of their appointment.

Submissions must be received before 16:00 GMT on 2 May 2025.
All inquiries regarding the above should be directed to [email protected].