By Cristal Cody
Prospect News, May 18 - Kommunalbanken Norway sold C$275 million of 3.74% 10-year fixed-to-floating rate notes (Aaa/AAA/) on Wednesday at 99.973 to yield 3.746%, an informed bond source said.
The Maple bonds due May 27, 2021 priced at a spread of 123 basis points over the Canadian government benchmark, compared to talk of 125 bps plus or minus 2 bps.
The deal was upsized from C$250 million.
The notes are callable after five years.
National Bank Financial Inc. and RBC Capital Markets Corp. were the lead managers.
Kommunalbanken Norway is a state-owned local government funding agency.
| Issuer: | Kommunalbanken Norway
|
| Amount: | C$275 million, increased from C$250 million
|
| Maturity: | May 27, 2021
|
| Securities: | Maple bonds
|
| Bookrunners: | National Bank Financial Inc., RBC Capital Markets Corp.
|
| Coupon: | 3.74%
|
| Price: | 99.973
|
| Yield: | 3.746%
|
| Spread: | 123 bps over Canadian government benchmark
|
| Call feature: | Non-callable for five years
|
| Pricing date: | May 18
|
| Settlement date: | May 27
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Distribution: | Canada
|
| Price talk: | 125 bps over Canadian government benchmark
|
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