Skip to content
KommuneKredit prices its first GBP benchmark since 2018

News -

KommuneKredit prices its first GBP benchmark since 2018

On Friday 7 May 2021, KommuneKredit priced a new GBP 400m benchmark. This transaction was KommuneKredits first GBP transaction since 2018.

KommuneKredit has issued its first GBP transaction in three years. 19 investors divided into different investor types participated in this new issue. Order books were in excess of GBP 300m just one hour after the official announcement. The strong investor interest allowed KommuneKredit to upsize its original target of GBP 250m to GBP 400m.

Chief Funding and IR Manager Eske Hansen says of the transaction:

“We've been looking for the right vehicle for re-entering the GBP-market, which has long been an important market for our funding efforts, and this issue has surpassed our expectations.”

The transaction was announced to the market on the morning of Friday 7 May with the spread set from the outset at UK Gilts plus 27bps. A GBP 250m size was also communicated at this point. By 11.15am London time, final books on the transaction closed in excess of GBP 450m.

The trade priced at 12.59pm London time with a coupon of 0.375%, re-offer price of 99.919%, re-offer yield of 0.398% s.a. and a spread of UKT+27bps. 

Citibank, J.P. Morgan and TD Securities were Joint-Lead-Managers.

Press contacts

Jens Lundager

Jens Lundager

Press contact CEO +45 3369 7622


KommuneKredit is an association, whose purpose is to provide lending to municipalities and regions and companies with a 100% municipal guarantee. The association is the municipalities and regions own credit institution and exists solely for our clients.
KommuneKredit must create financial latitude for Danish local authorities by providing funding and financial advice at the lowest possible cost.

We want to be the best funding choice for our clients, regardless of the given conditions.
We want to be contemporary, efficient and engaged, while focusing on high quality, steadiness and stability.

Joint and several liability
KommuneKredit’s members are Danish municipalities and regions that have loans, or guarantee or are liable for loans. Members are jointly and severally liable for all of KommuneKredit’s liabilities.

KommuneKredit’s lending is financed by the issue of securities in the Danish and international capital markets.
KommuneKredit is rated by Moody’s Investors Service and Standard and Poor’s. KommuneKredit’s long-term debt is rated Aaa/AA+ and the short-term debt is rated P-1/A-1+.

Kultorvet 16
DK-1175 Copenhagen K
Visit our other newsrooms