Successful 3-year USD Benchmark

The transaction marks KBN’s third USD fixed rate benchmark for the year. The transaction attracted a high-quality and well-diversified orderbook. The transaction priced at SOFR MS +28bps which represents the tightest spread versus SOFR MS achieved by KBN for a USD transaction since March 2022.

– KBN is very pleased to conclude its USD Benchmark Programme for 2026 with this latest 3-year transaction. It was particularly encouraging to see our traditional investor base of Central Banks and Official Institutions provide strong support for the deal, accounting for almost 65% of final allocations, says Evan Morgan, Senior VP, International Funding at KBN.

Distribution

Central banks and official institutions received the largest share of allocations (64.5%), followed by banks and bank treasuries (26.7%) and asset managers, insurance companies and pension funds (8.8%).

The investor base was also geographically diverse, with EMEA accounting for 48.9% of allocations, ahead of the Americas (31.4%) and APAC (19.7%).