Commentary & Deal Flow

IPTs: 5yr: SOFR MS+37a (currently equiv. to ~CT5+11.9)

• Issuer: Kommunalbanken Norway (KBN) (Owned 100% by Kingdom of Norway)
• Issuer Ratings: Aaa/AAA (Moody's/S&P)
• Format: Reg S/144A
• Size: US$ Benchmark
• Maturity: 03-Jun-31
• Settlement: 03-Jun-26 (T+5)
• Coupon: Fixed S/A, 30/360
• IPTs: SOFR MS S/A 30/360 +37bps area (currently equiv. to ~CT5+11.9)
• Governing Law: English
• Listing: Luxembourg Stock Exchange's Regulated Market
• Denominations: US$200k + US$2k
• Docs: Issuer's EMTN Programme
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professionals only (all distribution channels).
• Leads: Citi/JPM/Nomura/Scotia
• Fees: A fee will be paid in connection to the transaction
• Timing: Taking IOIs, expect tomorrow's business (5/27)