Landsbankinn hf. Launches Landmark Bond Issuance in 2024
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Landsbankinn hf. Makes History with Bond Issuance
Today marks a significant milestone for Landsbankinn hf. as the bank successfully concluded the sale of senior non-preferred bonds. This landmark issuance comprises SEK 1,000 million and NOK 250 million, structured to provide flexibility with a four-year tenor and an issuer call option after three years. The bonds, priced at a spread of 180bps over three-month STIBOR and 183bps over three-month NIBOR, exhibit a unique 4NC3 structure.
First of Its Kind from an Icelandic Bank
This bond issuance stands out as the first senior non-preferred issue from any Icelandic bank, showcasing the innovative financial strategies that Landsbankinn is employing in the current market. With an anticipated issue rating from S&P of BBB, this initiative highlights the bank's robust financial standing and strategic foresight.
Strong Investor Interest
The demand for these bonds was notably high, exceeding two times the initial offering, with participation from over twenty investors primarily from Scandinavia. Such a strong interest indicates a high level of confidence in Landsbankinn and the value it brings to the capital markets.
Trading and Management Details
The bonds will be issued under the bank’s EMTN programme, a framework that allows for efficient issuance in the international debt markets. The securities will begin trading on Euronext Dublin, starting on September 13, 2024, providing additional visibility and liquidity for investors. DNB and Nordea acted as the deal managers for this issuance, further solidifying their roles as key players in the Nordic financial landscape.
Frequently Asked Questions
What is the significance of this bond issuance for Landsbankinn?
This issuance is significant as it marks the first senior non-preferred bonds from an Icelandic bank, indicating a new trend in Icelandic banking strategies.
What are the terms of the bonds issued by Landsbankinn?
The bonds have a four-year tenor with an issuer call option after three years, pricing at 180bps over STIBOR and 183bps over NIBOR.
Who managed the bond issuance for Landsbankinn?
The bond issuance was managed by DNB and Nordea, two prominent financial institutions in the Nordic region.
When will the bonds begin trading?
The bonds are scheduled to start trading on Euronext Dublin on September 13, 2024.
What rating is expected for the bonds from S&P?
The expected issue rating from S&P for the bonds is BBB, reflecting Landsbankinn's financial stability.
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