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KommuneKredit taps 5-year EUR 500 million Green benchmark

Press release -

KommuneKredit taps 5-year EUR 500 million Green benchmark

On 18th June 2024, KommuneKredit tapped the Green May 2029 by EUR 500 million (no-grow). The bond priced at MS+8bps, representing a spread of 50bps over DBR 0.25% due 15th February 2029.

The transaction constitutes KommuneKredit’s fifth benchmark transaction of the year. The tap gave KommuneKredit the first opportunity to increase the circulating amount of a green bond from EUR 500 million to EUR 1 billion.

Despite a challenging market backdrop dominated by recent volatility and political uncertainty, the green format of the transaction helped attracting a final orderbook in excess of EUR 585 million enabling a final pricing at MS+8bps in line with the guidance.

The final order book was diversified in terms of geography with investors based in Nordics taking the lion share of the transaction at 44%, followed by the UK at 18.8% and Benelux at 15.6%.

In terms of investor types, the transaction enjoyed strong support from investors such as Central Banks, Official Institutions and Bank Treasuries. Banks took 44.20%, Central Banks 18%, Official Institutions took 20.6% and Fund Managers took 17.20%.

KommuneKredit has now issued EUR 3 billion of its expected EUR 5 billion long-term funding programme for 2024.


“ We are pleased to see that our latest EUR 500 million green bond transaction was well received by investors despite a challenging market. We appreciate the support for KommuneKredit’s green bond programme and the continued interest in investing in the green transition that takes place locally in Denmark."

Guðrið Weihe, Head of Sustainable Finance at KommuneKredit


“ Congratulations to the KommuneKredit team on another successful outing in the EUR primary markets. Despite the more volatile market backdrop, KommuneKredit’s ability to navigate market conditions and attract such a high-quality investor reception is a clear testament to the loyal following that they enjoy within the global investor community. The team's dynamic approach to markets & selection of a green bond tap on this occasion provides investors with enhanced liquidity in the existing ISIN, taking the line up to EUR1bn. RBC was delighted to have been involved in this important transaction.”

James Taunton, Director at RBC Europe Limited

“ The KommuneKredit team remained dynamic, closely monitoring market windows and in the end were able to achieve a top tier orderbook in what is a historically tight differential to core supranational names. A fantastic result in challenging markets, reflecting investors ongoing support for the name and its Green Bond programme.”

Raphaël Nicodeme, SSA DCM, Crédit Agricole CIB

" KommuneKredit delivered an excellent deal with a EUR 500mn tap on its outstanding 2029 green bond in a highly volatile and demanding market environment. Taking advantage of an intraday execution process, KommuneKredit’s offer appealed to a range of high quality Euro investors. Representing KommuneKredit’s second EUR benchmark transaction in 2024, this result highlights the strong perception KommuneKredit enjoys amongst the European investor base. Congratulations to the KommuneKredit team, Deutsche Bank is proud to have been part of this transaction."

Katrin Wehle, Managing Director, Head of SSA DCM Origination, Deutsche Bank

" Congratulations to the KommuneKredit team for another successful outing in the EUR Green Bond market. Being able to bring such a transaction in the current market backdrop is testament to the support KommuneKredit has garnered from high quality European ESG investors for their borrowing program and Green Bond Framework. Bank of America is hugely proud to continue to support KommuneKredit on their Green issuance journey.”

Robert Matthews, SSA DCM, Bank of America


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 exist solely for our clients.


Jens Lundager

Jens Lundager

Press contact CEO +45 3369 7622


KommuneKredit is a Danish special-purpose credit institution, providing funding for the local growth and green transition in municipalities and regions across Denmark.

KommuneKredit is an association with sustainability at its core and a strong ESG profile. Our member base consists of all Danish municipal and regional authorities. Our guarantee structure and safe business model have secured us a premium credit rating (AAA) (Aaa).

That is why we can offer municipalities and regions instant and uncomplicated access to financing of projects large or small and at the lowest possible cost. With equal opportunities and terms for all – across the entire country.

That is how it has been since 1899, when KommuneKredit first disbursed a loan. And that is the way it is today, as our dedicated employees advise on and arrange more than 2,000 loans every year.

When investors buy our bonds, we can disburse loans for purposes ranging from energy renovation of a local sports centre to the purchase of a new eco-friendly hybrid ferry, or the establishment of more sustainable district heating systems across the country.

For the benefit of ordinary citizens, for our local communities, and for an even greener future.


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