Inbank opens €20M subordinated bond offer at 7% to fund Greek expansion
What's the deal? Estonian fintech InbankDealroom has a profile for this one. Try Dealroom → launched a public offering of subordinated bonds on October 30, aiming to raise up to €20 million. It is offering 10,000 bonds at a 7% annual interest rate, with the option to double the issue to 20,000 bonds if oversubscribed.
The details: The 10-year bonds carry a nominal value of €1,000 each and mature on November 13, 2036. The subscription period runs until November 9, with trading on the Nasdaq Tallinn Stock Exchange expected on or around November 16. This is the second series under Inbank's €60 million bond programme, launched last September.
Why now? Inbank's management ties the issue to plans to enter the Greek market, stressing that fast growth must go hand in hand with a strong capital position. The bank reported record Q2 2026 loan and rental originations of €221 million, up 13% year on year.
The step-up: The new issue is a clear move up from Inbank's 2025 offering, which raised €21.6 million from 935 investors against an initial €5 million target — oversubscribed 4.3 times. The 7% coupon also tops the 6.25% paid on that earlier issue, reflecting the rising cost of subordinated capital.
Inbank has been active on debt markets this year. In June it raised €8.34 million through private AT1 bonds at 8.25%, part of a broader push to shore up its capital base as it expands internationally.
What could go wrong? Subordinated bonds are unsecured; in a liquidation or bankruptcy, holders are paid only after all senior creditors. The higher coupon signals that capital is getting more expensive, and whether demand matches last year's enthusiasm will be the test.
The signal: Inbank's return to the bond market, at a steeper rate but a larger size, shows Baltic savers' continued appetite for local bank debt — and a fintech willing to pay up to bankroll its march into new markets.
Read more: pmo.ee
Image credit: Generated with Gemini
