New Issue: Kommunalbanken prices $1 billion 1.75% long three-year notes at mid-swaps plus 8 bps

By Cristal Cody

Tupelo, Miss., June 13 – Kommunalbanken AS (Aaa/AAA) priced $1 billion of 1.75% notes due Sept. 15, 2020 on Tuesday at mid-swaps plus 8 basis points, or a spread of Treasuries plus 28.4 bps, according to a market source.

The notes were initially talked to price in the mid-swaps plus 10 bps area.

Daiwa Capital Markets Europe Ltd., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Toronto-Dominion Bank were the lead managers.

The government-funded lender to municipalities is based in Oslo.

Issuer:	Kommunalbanken AS
Amount:	$1 billion
Description:	Notes
Maturity:	Sept. 15, 2020
Bookrunners:	Daiwa Capital Markets Europe Ltd., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Toronto-Dominion Bank
Coupon:	1.75%
Spread:	Mid-swaps plus 8 bps, or Treasuries plus 28.4 bps
Trade date:	June 13
Ratings:	Moody's: Aaa
	S&P: AAA
Distribution:	Rule 144A, Regulation S
Price talk:	Mid-swaps plus 10 bps area

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