KBN and L–Bank bring 2020’s ‘final’ SSA dollar bonds

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By Burhan Khadbai
01 Dec 2020

Kommunalbanken, the financing agency for Norwegian municipalities, and L–Bank, the development bank for the State of Baden–Württemberg, built well covered order books as they brought what will likely be the SSA market’s final dollar benchmark deals of 2020.

Leads CitiHSBCNatWest Markets and Nomura, opened the books on KBN’s December 2023 benchmark with guidance of mid-swaps plus 5bp area, 1bp inside of initial price thoughts. They had more than $1.5bn of indications of interest for the deal.

As the books passed $2.3bn, the spread was ...

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