Rimelige innlån gir gode betingelser for kommunene
Kommunalbankens første obligasjonsutstedelse i 2019 ble møtt med enorm interesse og ga svært gode betingelser.
29. januar utstedte Kommunalbanken en benchmarkobligasjon med løpetid på 5 år. Banken hadde som mål å hente inn 1,25 milliarder dollar, men da ordreboken ble lukket var etterspørselen på hele 2,6 milliarder dollar. Den enorme etterspørselen tillot Kommunalbanken å redusere prisen med 2 basispunkter.
Mer enn 60 investorer deltok i transaksjonen og deltakelsen fra sentralbanker og offentlige institusjoner var særlig sterk, med hele 75 pst. av handelen.
Innlånssjef Thomas Møller var meget tilfreds med handelen:
Dette var en veldig god handel. Markedet var veldig konstruktivt, som det har vært i hele januar. Gjennomføringen var perfekt.
Kommunalbanken har et lånebehov for 2019 som tilsvarer 12-14 milliarder amerikanske dollar. Disse pengene lånes igjen ut til kommunal sektor, og går blant annet til bygging av skoler, barnehager, sykehus, eldresenter, veier og avfallsanlegg. De lave innlånskostnadene sørger for at Kommunalbanken kan tilby kommunene rimelig finansiering. Kommunalbanken har markedets høyeste rating, Aaa/AAA.
Reaksjoner fra markedet:
Adrien de Naurois, Managing Director, SSA Syndicate at BofA Merrill Lynch:
A great result for Kommunalbanken with their first USD benchmark of the year and the first 5-year USD benchmark from their peer group. KBN was able to capitalise on very strong demand from investors, pricing with minimal concession to their outstanding curve.
Spencer Dove, Managing Director, Head of SSA DCM at Nomura:
A fantastic result for KBN with their annual 5-year US$ benchmark. A reassuringly strong orderbook with final orders in excess of 2.6bn and over 70 accounts participating demonstrate the very broad appeal of the issuer. The continued success of KBN’s US$ benchmark programme is testament to the tireless efforts of the funding team in engaging with the global investor community.
Kerr Finlayson, Director, Head of SSA Syndicate at RBC Capital Markets:
A superb trade to open KBN's $ benchmark account for the year. An incredibly well diversified orderbook is testament to the high esteem they are held in across the SSA investor universe. We said last year that their January 5yr trade would be tough to beat and indeed it looks like they just did!
Laura Quinn, Managing Director, Origination & Syndication at TD Securities:
This was a fantastic outcome for KBN in what was their first foray into the USD benchmark space in 2019. They managed to avoid competing supply and achieve a very high quality final orderbook of over US$2.6bn while simultaneously attaining very competitive pricing.
Betingelser:
| Borrower: Ratings: Instrument: Coupon: Size: Price Date: Payment Date: Maturity Date: Reoffer Spread: Joint Lead Managers: |
Kommunalbanken Norway (“KBN”) Aaa (Stable) / AAA (Stable) by Moody’s / S&P Fixed Senior Unsecured Notes 2.750% semi-annual USD1.25 billion 29th January 2019 5th February 2019 5th February 2024 Mid-Swaps + 15bps / CT5 + 23bps BofAML, Nomura, RBC Capital Markets (B&D), TD Securities |