On Tuesday 16th January 2018, KommuneKredit issued its first Euro benchmark bond of 2018. The issue carries an annual coupon of 0.50% and has a maturity date of 24 January 2025. The bond was priced at a spread of mid-swaps minus 10bps. The initial price guidance was set at mid-swaps minus 8 bps and was quickly revised to mid-swaps minus 9 bps 30 minutes after. The momentum continued unabated, with books rapidly in excess of EUR 2.5bn, allowing KommuneKredit to set the reoffer spread at mid-swaps minus 10bps. Orders continued to grow, resulting in a final order book in excess of EUR 3bn, with over 80 investors participating.
Joint leads arrangers were Credit Agricole, Natixis, Nomura and Nordea.
For more information see the press release here