Record-high demand as KBN issues USD benchmark
On Thursday 3rd September, Kommunalbanken (“KBN”), successfully issued a new USD 1.5 billion 5-year benchmark. The issuance represents KBN’s third USD benchmark of the year following two successful outings in 5 and 10-years in 2020.
Good results in a normalised market
KBN’s net interest income in the second quarter of 2020 was NOK 412 million as compared to NOK 470 million in the same period in 2019. KBN’s underlying operations were good, and the decrease was due to KBN reducing its own lending rates during the period.
Milestone issuance for KBN
On Tuesday 9th June, KBN successfully priced a new USD 1.5 billion 10-year benchmark. This is the first 10-year issuance since 2015.
GPIF and KBN launch initiative to promote Green Bonds
Government Pension Investment Fund (GPIF) and KBN (Kommunalbanken Norway KBN) have recently formed a partnership to promote and develop sustainable capital markets through a focus on Green Bonds, as well as the incorporation of ESG assessments in fixed income investments.
Good underlying operations in a very demanding market
KBN’s net interest income in the first quarter of 2020 was NOK 443 million as compared to NOK 458 million in the same period in 2019. KBN’s underlying operations were good, but the very turbulent market conditions affected its result for the first quarter and balance sheet as at the end of the quarter.