KommuneKredit issues a new 5-year USD benchmark and completes switch and tender offer

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.

Contacts

Jens Lundager

Jens Lundager

Press contact CEO +45 3369 7622

KommuneKredit

KommuneKredit is a Danish special-purpose credit institution, providing funding for the local growth and green transition in municipalities and regions across Denmark.

KommuneKredit is an association with sustainability at its core and a strong ESG profile. Our member base consists of all Danish municipal and regional authorities. Our guarantee structure and safe business model have secured us a premium credit rating (AAA) (Aaa).

That is why we can offer municipalities and regions instant and uncomplicated access to financing of projects large or small and at the lowest possible cost. With equal opportunities and terms for all – across the entire country.

That is how it has been since 1899, when KommuneKredit first disbursed a loan. And that is the way it is today, as our dedicated employees advise on and arrange more than 2,000 loans every year.

When investors buy our bonds, we can disburse loans for purposes ranging from energy renovation of a local sports centre to the purchase of a new eco-friendly hybrid ferry, or the establishment of more sustainable district heating systems across the country.

For the benefit of ordinary citizens, for our local communities, and for an even greener future.

KommuneKredit

Kultorvet 16
DK-1175 Copenhagen K
Denmark

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