Landsbankinn has set up an ISK 120 billion programme for the issuance of covered bonds.
On 29 April 2013, Landsbankinn was licenced by the Icelandic Financial Supervisory Authority to issue covered bonds in accordance with the Icelandic Act on Covered Bonds, No. 11/2008, and Rules on Covered Bonds, No. 528/2008.
Landsbankinn is obliged to perform stress tests and calculate the present value of the cover pool on a weekly basis and inform bondholders of key figures regarding the issue no less frequently than on a quarterly basis.
Following series of the covered bonds are outstanding: LBANK CB 19, LBANK CB 21 and LBANK CB 23 which are non-indexed bullets, LBANK CBI 22, LBANK CBI 24 and LBANK CBI 28, which are indexed bullets.