Press release -
KommuneKredit issues a new 5-year USD benchmark and completes switch and tender offer
On 3 June 2020 KommuneKredit completed the issue of a new 5-year USD 1bn benchmark and a switch and tender offer for existing investors in two outstanding USD benchmarks.
The switch and tender announcement for the two outstanding USD benchmarks was published on 2 June 2020 alongside the mandate for a new 5-year USD benchmark. Books for the new benchmark was officially opened on 3 June 2020. Based on indications of interest from a broad group of international investors for more than USD 2bn the price for the bonds was indicated to the market at USD mid-swaps +28 bps area. Within 40 minutes books totalled more than USD 3.6bn and were closed at 9.20 London time. Final pricing was set at mid-swaps +26 bps.
Read more details in the press release here.
The switch and tender offer for the two existing benchmarks was also very well received in the market. The final result was a total buyback amount of USD 191m.
Read the official announcement here.
Joint Lead Managers on the new issue and the switch and tender offer were: Barclays, BNP Paribas, JP Morgan and TD Securities.
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KommuneKredit is an association, whose purpose is to provide lending to municipalities and regions and companies with a 100% municipal guarantee.
The association is the municipalities and regions own credit institution and exist solely for our clients.
