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by Jp Albin

Apr 13, 2026 9:32 AM ET

PRICED: Kommunalbanken AS £250m Oct-30 Sr Unsec; SONIA MS+39bp

IGC European Market: Deal Flow - GeneralIGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
Kommunalbanken AS	Oct-30	4.5%	22-Oct-30	£250m	Sr Unsec	Fixed	99.897	4.532%	SONIA MS+39a	SONIA MS+39	0

Reoffer: Oct-30: SONIA MS+39bp / 99.897 / 4.532%
Benchmark: Oct-30: UKT 0.375% 22-Oct-30 @ 84.220 (MID) / B+23.5bp / HR 110%

Final Books in excess of £245m (Excluding JLM interest)

Launched: Oct-30: £250m @ SONIA MS+39bp - Books to close at 12.45 UKT
Guidance: Oct-30: SONIA MS+39a

Issuer: Kommunalbanken AS (KBN) (Owned 100% by Kingdom of Norway)
Ratings: Aaa/AAA (Moody's/S&P) (both stable)
Format: Reg S Bearer, TEFRA C
Size: £250m
Settlement: 20-Apr-26
Maturity Date: 22-Oct-30
Coupon: 4.5% Fixed, annual, ACT/ACT, short first
Reoffer: 99.897% / 4.532% (Ann.) / 4.482% (S/A) / SONIA MS (A, A/365) +39bps
Gilt Ref: UKT 0.375% 22-Oct-30 @ 84.220 (MID) / 84.205 (BID) / +23.5bps / HR 110%
Denominations: £100,000 + £1,000
Governing Law: English
Documentation: Issuer's EMTN Programme
Listing: Luxembourg
Settlement: Euroclear/Clearstream
Lead Managers: Barclays/BMO/Citi (B&D/DM)
Target Market: Professional & Eligible Counterparties (all distribution channels, MiFID II/UK MiFIR product governance.
ISIN: XS3349847882
Timing: Priced. TOE 14:15 LDN. FTT immediately
Note: Please note that reference Gilt spread was vs mid Gilts mark but hedges are executed vs the DM traders bid side