Østlandet makes comeback for senior debt

Euromoney_Alamy_230x150.jpg
By David Freitas
23 Sep 2019

Sparebank 1 Østlandet priced €500m of debt in senior preferred format at a spread of 67bp over mid-swaps this week — 8bp tighter than the initial price talk. The issuer is not a frequent visitor to the primary market, so it had to pay a higher premium than other borrowers, according to a banker away from the deal.

Bookrunners BayernLB, Commerzbank, Goldman Sachs and Nordea ran the sale of the five year senior preferred securities, fixing the size at €500m from the outset.

They started out with price thoughts of 75bp area over mid-swaps, and books were above €500m in less than two ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.