New Issue: DNB Boligkreditt prices $1 billion 3.25% five-year bonds at mid-swaps plus 38 bps

By Cristal Cody

Tupelo, Miss., June 21 – DNB Bank ASA subsidiary DNB Boligkreditt AS priced $1 billion of 3.25% five-year covered bonds (Aaa/AAA) on Thursday at a spread of mid-swaps plus 38 basis points, or Treasuries plus 52.85 bps, according to a market source.

The bonds were initially talked to price in the mid-swaps plus 41 bps area.

The bookrunners were Barclays, HSBC Securities (USA) Inc., RBC Capital Markets, LLC and TD Securities (USA) LLC.

DNB Bank is an Oslo-based financial services group.

Issuer:	DNB Boligkreditt AS
Amount:	$1 billion
Maturity:	June 28, 2023
Description:	Covered bonds
Bookrunners:	Barclays, HSBC Securities (USA) Inc., RBC Capital Markets, LLC and TD Securities (USA) LLC
Coupon:	3.25%
Spread:	Mid-swaps plus 38 bps, or Treasuries plus 52.85 bps
Trade date:	June 21
Ratings:	Moody’s: Aaa
	S&P: AAA
Price guidance:	Mid-swaps plus 41 bps area

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