5-year USD Benchmark
On Wednesday 11th January, KBN priced a new USD 1 billion 5-year benchmark. KBN was also active in the Kangaroo market, issuing a successful AUD 400 million 5-year transaction.
This marked the first USD benchmark of 2023 by a Nordic agency.
KBN reacted swiftly to the constructive market tone at the start of the year to announce their first 5-Year USD Benchmark since January 2022.
KBN is targeting an estimated total issuance program of USD 8-10 billion equivalent in 2023.
- Delighted to have kicked off the 2023 KBN funding program with a 5y double-header in USD and AUD. Both trades successfully launched with solid books and good secondary performance off the break, just the way we like it at KBN, says Thomas Møller, Head of Funding & IR in KBN.
In terms of geographical distribution, the transaction was broadly diversified across EMEA (50%), Americas (35%), Asia (12%) and Other accounts (3%). Central Banks & Official Institutions were the largest investor component taking 52% of final allocations, supported by strong participation from Banks & Bank Treasuries (29%), Fund Managers / Insurance / Pension Funds (17%) and Other accounts (2%).