KommuneKredit's deal and buyback ‘should inspire others’
KommuneKredit and Erste Abwicklungsanstalt rounded out this week’s dollar issuance in what has become typical fashion for trades over the last few days — oversubscribed books and tightened pricing. But KommuneKredit’s deal featured a novel aspect that SSA bankers hope other issuers will embrace.
The Danish agency brought a no-grow $1bn November 2022 Reg S only bond alongside a buyback, at par, of a pair of bonds maturing in the next few months — its $1bn January 2018s and $1.25bn March 2018s.
“That’s a smart trade,” said a head of SSA DCM
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