KBN opens dormant Kauri market

By Silas Brown
11 May 2017

Kommunalbanken on Tuesday became the first issuer to tap the Kauri market since February. The Nordic agency responded to reverse enquiries, tapping an eight year bond at an after-swap pricing level that was a little over its dollar curve.

Lead ANZ opened books for the reopening of KBN’s 4% August 2025 Kauri bond on Monday, offering guidance in the area of 72bp over mid-swaps.

The lead priced the tap in line with guidance on Tuesday morning, to yield 4.073%. The final size was NZ$125m ($86.3m), taking the outstanding ...

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