Østlandet makes comeback for senior debt

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 ...

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