DnB NOR Boligkreditt Offers Up Norwegian Covered Bond

DnB NOR Boligkreditt is marketing €1.5 billion ($2.2 billion) of mortgage-backed covered bonds as part of its €15 billion ($22 billion) program.

  • 08 Nov 2007
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-- Daniel Flatt

DnB NOR Boligkreditt is marketing €1.5 billion ($2.2 billion) of mortgage-backed covered bonds as part of its €15 billion ($22 billion) program. This is the fifth transaction in the landmark series, which offered up the first covered bond to come out of Norway (TS, 06/07).

According to Moody’s Investors Service, holders of the bonds can benefit from a maturity extension of up to one year, which could reduce refinancing risk. In addition, DnB NOR Boligkreditt intends to enter into swap agreements to mitigate the interest-rate risk stemming from the combination of fixed-rate notes and floating-rate assets.

DnB NOR Boligkreditt is a wholly owned subsidiary of DnB NOR Bank, Norway’s largest financial services group with total combined assets of NOK1.6 billion ($303.6 million). Calls to officials at Moody’s and DnB were not immediately returned.

  • 08 Nov 2007

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1 Bank of America Merrill Lynch (BAML) 3,136 9 13.58
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3 Goldman Sachs 2,150 3 9.31
4 Credit Suisse 1,822 6 7.89
5 Societe Generale 1,814 4 7.86

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