Commentary & Deal Flow

Reoffer: 5yr: SOFR MS+34bp / 99.464 / 4.245%
Benchmark: 5yr: T 4⅜ 15-May-36 (CT5: 99-23 / 4.165%) / B+8.025bp / HR: 102%

Spread set at: 5yr: SOFR MS+34bp - Books in excess of US$3.3bn (inc US$150m JLM)
Guidance: 5yr: SOFR MS+35a - IOIs in excess of US$2.7bn (inc. US$150m JLM interest)
IPTs: 5yr: SOFR MS+37a

• Issuer: Kommunalbanken Norway (KBN) (Owned 100% by Kingdom of Norway)
• Issuer Ratings: Aaa/AAA (Moody's/S&P - stable/stable)
• Format: Reg S/144A
• Size: US$1.5bn
• Maturity: 03-Jun-31
• Settlement: 03-Jun-26 (T+5)
• Spread: SOFR MS S/A 30/360 +34bp
• Coupon: 4.125%, Fixed, SA 30/360
• UST Ref: +8.025bp vs T 4⅜ 15-May-36 (CT5: 99-23 / 4.165%), HR: 102%
• Reoffer: 4.245% / 99.464
• 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).
• ISIN: XS3395953998 (Reg S) / US50048MDW73 (144A)
• Leads: Citi / JPM / Nomura / Scotiabank (B&D/DM)
• Fees: A fee will be paid in connection to the transaction
• Timing: Priced. TOE 16.14 LDN

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