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
Email a colleague
Request a PDF

-- 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

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 1,505.59 4 23.86%
2 SG Corporate & Investment Banking 1,292.64 1 20.48%
2 Rabobank 1,292.64 1 20.48%
4 BNP Paribas 598.25 2 9.48%
5 TD Securities Inc 241.54 1 3.83%