Successful 5-year USD benchmark
On Wednesday 8th January 2025, KBN reopened the European Agency USD market in 2025 with a new USD 1.5 billion benchmark.
10.01.2025
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News
– Another well executed KBN USD benchmark with over 100 accounts in the book, resulting in a close to record oversubscription easily paving the way for a USD 1,5bn print at SOFR +48, three basis points in from IPTs. As always we also appreciate the trade’s solid performance on the break. A big thank you to our Lead Managers for a job well done, we could not ask for a better start to KBN’s USD 10bn funding program for 2025, says Thomas Møller, Head of Funding & IR at KBN.
Highlights
- The transaction enjoyed a strong reception from the outset, with IOI’s in excess of USD3 billion by the time books opened on Wednesday morning.
- KBN’s second largest ever USD orderbook closed in excess of USD5.6 billion, allowing KBN to comfortably set the size of the transaction at USD1.5 billion.
- The transaction was well supported by Banks & Bank Treasuries (42%), Central Banks & Official Institutions (39%) and Asset Managers / Pensions / Insurance accounts (19%).