Kommunalbanken talks $1 billion offering of three-year notes at mid-swaps plus 4 bps

By Devika Patel

Knoxville, Tenn., April 25 – Kommunalbanken AS (Aaa/AAA) set the spread for its planned $1 billion offering of fixed-rate notes due June 14, 2021 at mid-swaps plus 4 basis points on Wednesday, according to a market source. The deal was announced Tuesday.

There is a no-grow provision on the offering. The books exceed $1.65 billion.

Guidance was in the mid-swaps plus 5 bps area.

Pricing of the Rule 144A and Regulation S notes is expected on Wednesday. Settlement is expected on May 2.

BNP Paribas Securities Corp., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Scotia Capital (USA) Inc. are the bookrunners.

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

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