Admiral Markets Repurchases 4,999 Tier 2 Bonds at €103.21

Overview

• Admiral Markets AS accepted 4,999 bonds from 99 investors at €103.21 per bond, which included €100 nominal value, a €1 premium, and €2.21 in accrued interest, and said all submitted orders were filled.
• The offer drew far less than the 13,535-bond ceiling, with about 37% tendered, for an estimated payout of roughly €516,000.
• The company scheduled settlement shortly after the offer period, with bond and cash transfers to follow once processing is complete.
• The securities are subordinated Tier 2 notes issued in 2017 with an 8% annual coupon and a December 2027 maturity, following an earlier 2023 buyback that paid €104.53 per bond.
• Management linked the repurchase to a wider restructuring that includes giving up the Estonian license expected in the second quarter of 2026 and recent pullbacks such as exiting the UAE and selling the Australian unit after a 2025 net loss.