New Issue: Kommunalbanken prices $1.5 billion 0.375% five-year notes at mid-swaps plus 15 bps

By Cristal Cody

Tupelo, Miss., Sept. 3 – Kommunalbanken Norway priced $1.5 billion of 0.375% five-year notes (Aaa/AAA) on Thursday at mid-swaps plus 15 basis points, or a spread of Treasuries plus 22 bps, according to a market source.

The notes were initially talked to price in the mid-swaps plus 18 bps area.

Bookrunners included Deutsche Bank AG, London Branch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC.

Kommunalbanken provides funding to municipalities and is based in Oslo.

Issuer:	Kommunalbanken Norway
Amount:	$1.5 billion
Description:	Notes
Maturity:	Sept. 11, 2025
Bookrunners:	Deutsche Bank AG, London Branch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC
Coupon:	0.375%
Spread:	Mid-swaps plus 15 bps, or Treasuries plus 22 bps
Trade date:	Sept. 3
Ratings:	Moody’s: Aaa
	S&P: AAA
Price guidance:	Mid-swaps plus 18 bps area

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