KBN Begins Pre-Stabilization for Upcoming USD Securities
KBN Begins Pre-Stabilization for Upcoming USD Securities
LONDON - J.P. Morgan SE has announced the commencement of a pre-stabilization period for Kommunalbanken Norway (KBN) securities, aimed at potentially stabilizing market prices for these financial instruments. The securities in question are five-year USD fixed-rate notes set to mature on January 15, 2030. The specific coupon rate is still pending confirmation.
Details of the Securities
KBN, a financial institution wholly owned by the Kingdom of Norway, is launching these notes with a total value classified as a USD Benchmark. While the offer price is yet to be determined, we know that the notes will be available for trading on the Luxembourg Stock Exchange’s Regulated Market. Each note will have a denomination of USD 200,000, with subsequent increments of USD 2,000.
The Role of J.P. Morgan SE
In this process, J.P. Morgan SE serves as the Stabilisation Coordinator. They are joined by Daiwa, Nomura, and RBCCM, who are acting as the Stabilisation Managers. Their responsibilities may include over-allotting securities by as much as 5% beyond the nominal amount or engaging in transactions aimed at keeping the market price of the securities at favorable levels.
Expected Duration and Trading Mechanism
The stabilization period is set to begin immediately and is expected to last until February 8, 2025, although the actual stabilization activities may occur differently at any point within this timeframe. Trading will be conducted over the counter, with specific venues to be confirmed later.
Audience and Regulatory Compliance
This announcement serves merely as an informational notice and should not be interpreted as an offer to underwrite or purchase securities. It targets individuals located outside the United Kingdom, as well as those within the UK who possess professional investment experience or qualify as high net worth entities under the Financial Services and Markets Act 2000.
Investor Qualifications and Limitations
It's important to note that the offer of these securities is only directed toward qualified investors within the European Economic Area (EEA), as outlined by the Prospectus Directive. Others outside the targeted classification should not rely on or act upon this offer.
Informational Nature of the Statement
This statement is distributed for informational purposes only and is based on material provided by the London Stock Exchange, which is approved by the Financial Conduct Authority in the UK. Terms and conditions may apply to the use and distribution of this data.
Frequently Asked Questions
What is the purpose of the pre-stabilization period?
The pre-stabilization period aims to possibly stabilize the market prices of KBN's USD fixed-rate notes.
Who coordinates the stabilization activities?
J.P. Morgan SE leads the stabilization efforts alongside Daiwa, Nomura, and RBCCM as managers.
When will the stabilization period end?
The stabilization period is expected to run until February 8, 2025, although it can conclude earlier.
What are the denominations of the securities?
The notes come in denominations of USD 200,000, with increments available of USD 2,000.
Who qualifies to invest in these securities?
Only qualified investors in the EEA or specified audiences may participate in this offering.
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