Strong 5-Year USD Benchmark – KBN’s First of 2026

This is KBN’s first benchmark transaction of 2026. KBN is targeting an estimated total issuance programme off USD 10 billion equivalent in 2026.

– Delighted to kick of our USD 10bn funding program for 2026 with a solid USD 1.5bn 5y benchmark. Markets kicking off 2026 on a very positive note reflected in a high quality USD5bn+ orderbook paving the way for pricing 3bp inside IPT and solid performance on the break, just the way it should be, says Thomas Møller, Head of Funding & IR at KBN.

Highlights

• The deal generated significant investor demand, which enabled a 3bps spread compression from IPTs through the bookbuild process.
• In spite of the revision in pricing, KBN was able to secure a notable USD1.5bn deal size, with the final orderbook closing in excess of USD5.2 billion (excluding JLM interest)
• The transaction attracted interest from a spectrum of high-quality investors globally. There was strong participation from Central Banks / Official Institutions and Banks / Bank Treasuries, which took 67% and 28% of allocations respectively.
• In terms of geography, support was well-diversified across EMEA (53%), Americas (32%) and APAC (15%).