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