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Successful 3-year USD Benchmark

On Tuesday 18th October KBN issued a new USD 1.00 billion 3-year Benchmark.

20.10.2022 / News

More challenging market environment

- Our third successful USD benchmark for 2022, this one in a more challenging market environment than we have seen for a while. KBN "re-opened" the SSA USD market after weeks of volatile and risk-off market tone that kept issuers sidelined. KBN again experienced strong demand all through the book building process with high quality orders and a final book of USD 1,9bn for a 1bn no-grow trade after a two basis point tightening from IPT . Delighted to have rounded off our USD benchmark program for 2022 with a successful trade and look forward to revisit in Q1 2023, says Thomas Møller, Head of Funding & IR in KBN.

Broad geographical distribution

In terms of geographical distribution, the transaction was broadly diversified across EMEA (49 %), Americas (42 %) and APAC accounts (9 %). Central Banks & Official Institutions were the largest investor component taking 77 % of final allocations, supplemented by participation from Banks (16%), Fund Managers / Insurance (6 %) and Other accounts (1 %).

The broad and global distribution of this transaction is once again testament to investor appetite for the KBN credit within the global investor community.

Sales distribution by geography:

Download the full press release (PDF)


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