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Kvika marks first Icelandic green bond issuance with SEK and NOK sales

EditorNikhilesh Pawar
Published 11/14/2023, 01:32 PM
© Reuters.

REYKJAVIK – Kvika bank has successfully completed a significant bond sale, marking the first Icelandic issuance of Green Bonds, a notable move in the sustainable finance market. On Today, the bank finalized the sale of SEK 500 million in Green Bonds with a three-year maturity, featuring a pricing spread that is 400 basis points (bps) over the STIBOR (Stockholm Interbank Offered Rate). This event was paired with the sale of NOK 250 million in bonds.

Adding to its innovative financing activities, Kvika also tapped into its existing NOK bond issuance under the Euro Medium Term Note (EMTN) Programme. The additional NOK 550 million raised brings the total nominal amount of this issuance to NOK 800 million. These bonds, which have a maturity date set for May 2026, were sold at a price equivalent to a 380 bps spread over NIBOR (Norwegian Interbank Offered Rate).

The transactions on Today extend Kvika's presence in the Nordic bond markets and diversify its investor base. The bonds are expected to be admitted to trading on Euronext Dublin from November 23, 2023.

In conjunction with these issuances, Kvika offered a buyback of its outstanding SEK bonds due on January 31, 2024, demonstrating active management of its debt portfolio. Nordea and Swedbank managed both the new bond sale and the buyback offer.

Investors and interested parties seeking further details on Kvika's green bond offerings and financial strategies can reach out to the bank's investor relations for more information.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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