Landsbankinn hf.: Bond issuance in SEK and NOK

Today, Landsbankinn concluded the sale of floating rate senior non-preferred bonds in the amount of SEK 1,000 million and NOK 250 million. The bonds have a 4-year tenor and an Issuer call option after 3 years, a 4NC3 structure. The bonds were priced at a spread of 180bps over 3-month STIBOR and 183bps over 3-month NIBOR.

The bond issuance is the first senior non-preferred from an Icelandic bank and the expected issue rating from S&P is BBB.

Demand for the bonds was more than twofold from over twenty investors from Scandinavia.

The bonds will be issued under the bank’s EMTN programme and will be admitted to trading on Euronext Dublin as of 13 September 2024.

Deal managers were DNB and Nordea.

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