Kvika Bank Expands Its Bond Portfolio in SEK and NOK Markets
Kvika Bank Expands Its Bond Offerings in SEK and NOK
Kvika Bank has successfully completed a significant bond sale, issuing a total of SEK 600 million and NOK 400 million in floating rate bonds. These bonds are set to mature on 21 April 2028 and have been priced attractively, with a spread of 200 basis points over the applicable 3-month STIBOR for SEK and 3-month NIBOR for NOK.
Details of the Bond Issuance
The bonds have been issued through Kvika's Euro Medium Term Note (EMTN) Programme, showcasing the bank's commitment to diversifying its financing sources. Anticipation is building as these bonds are expected to begin trading on Euronext Dublin in January 2025.
Bond Buyback Activity
In a strategic move, Kvika also initiated a bond buyback concurrent to the issuance of these new bonds. The buyback included bonds issued in SEK and NOK, both maturing on 11 May 2026, identified by the ISINs XS2620969043 and XS2620969639, respectively. The buyback price was set at 103.50. This initiative was met with positive response, as Kvika received valid tenders totaling SEK 209 million and NOK 50 million, all of which were accepted.
Partnering with Leading Financial Institutions
Kvika's successful bond transactions were facilitated by reputable dealers Nordea and Swedbank, highlighting the bank's ability to collaborate with leading partners in the financial market. These partnerships not only enhance the bank's credibility but also its market reach.
Further Information for Investors
Investors and stakeholders seeking additional details regarding this bond issuance and other activities are encouraged to reach out to Kvika’s investor relations team. Contact can be made via email at ir@kvika.is or by phone at (+354) 540 3200.
Frequently Asked Questions
What is the total amount raised by Kvika through the bond sale?
Kvika raised SEK 600 million and NOK 400 million through the bond issuance.
When will the bonds be admitted to trading?
The bonds are expected to be admitted to trading on Euronext Dublin in January 2025.
What is the maturity date of the newly issued bonds?
The newly issued bonds will mature on 21 April 2028.
Was there a buyback associated with this bond issuance?
Yes, concurrently, Kvika offered to buy back certain bonds scheduled to mature on 11 May 2026.
Who were the dealers for the bond issuance?
The primary dealers for these transactions were Nordea and Swedbank.
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