On Nov. 17, 2025, Nova Ljubljanska Banka (NLB), the largest bank in Slovenia, announced it would issue its first benchmark €300 million additional tier 1 (AT1) bond through a public offering. This follows a private, institutional AT1 transaction in September 2022. The AT1 bond adds to the bank's capital ratios, bringing its risk-adjusted capital ratio (RAC) to an estimated 10.3% at year-end 2025, from 9.6% in 2024. We think high organic loan growth and potential acquisitions within its core operating region, Southeastern Europe, will largely absorb additional buffers of the AT1 bond, keeping the RAC ratio close to 10.0% in the next two years. We therefore affirmed our long and short-term issuer credit ratings on NLB at 'BBB+/A-2' and the
