DNB Bank

The deal maintains 2023's overall size but increases the RCF with one lender dropping out of syndicate

◆ Follows similar deal from regional peer Swedbank ◆ But earlier bond was already trading wide of reoffer ◆ Pricing prioritised, says banker off deal

Pair of block trades reduces two long term holdings

Orders quickly exceeded the deal’s maximum size and over-allotment facility

Singapore's BW LPG brings $300m deal to build eight new ships

Company will use proceeds alongside debt to finance the acquisition of 6 newly ordered ships

◆ Wide range of investors buy highly rated bonds ◆ DNB achieves one of the tightest spreads since Covid-era QE days of 2021 ◆ SpareBank 1 SMN extends euro senior curve by two years

The bank has been added to DNB's list of registered covered bond issuers

◆ Stockholm bank reached its preferred size ◆ Issuer’s third covered in three years ◆ Norwegian issuers have dominated Nordic covereds this year

◆ Issuer takes advantage of attractive sterling funding levels ◆ Printing during UK school holidays no problem for 'very well loved name' ◆ Sterling FIG senior undersupplied versus last year

◆ Bank keen to diversify funding from euro ◆ Issuer paid a premium over its normal euro rate ◆ Bawag keen to establish a dollar curve with more issuance

◆ Issuer took advantage of attractive euro funding levels ◆ 'The best quality name you can buy,' lead says ◆ Premium paid