Kvika has issued its first international bond, a SEK 500m 2-year floating rate note. The senior preferred unsecured bond pays a quarterly coupon of 3-month Stibor + 280 bps. Several investors from Sweden, Norway, Finland, Luxemburg and Switzerland subscribed for the issue which was oversubscribed. The bonds are expected to be listed on the Irish stock exchange by the end of January.
The bonds are issued under Kvika’s EUR 500 million Euro Medium Term Note (EMTN) Programme, signed in December 2021, which enables Kvika to issue bonds in a broad range of currencies at fixed or floating interest rates.
The transaction was arranged by Swedbank in Stockholm.
Marinó Örn Tryggvason, CEO of Kvika:
"The issuance of an international bond is a logical step for Kvika and increases the diversification of its funding. Kvika’s core operations are robust, and capital-, funding- and liquidity ratios are strong. The participation of international investors is a welcome sign of confidence in the Bank, its strategy, and ambitions and we would like to thank them all for their interest in today’s offering.
It has been encouraging to witness the positive reactions that Kvika has received from a diverse base of international investors while conducting its first introductions to market participants as an international issuer. We will continue to take steps to strengthen the Bank as an international issuer and look forward to building our relationship with international investors.”
For further information please contact Halldór Karl Högnason, Head of Treasury, tel: +354 540 3200.