Norwegian bank subsidiary gears up for debut issuance

摘要

Sr-boligkreditt, the new covered bond subsidiary of Norway's SpareBank 1 SR-Bank, is fast approaching the date of its debut issuance. The issuer is working on the prospectus, paving the way for a sale in late May or early June, according to a company spokesperson. It will kick off with benchmark sizes in Norwegian kroner, but will also undertake private placements in foreign currencies from the offset. No foreign benchmarks are planned for now, he added. SR-Boligkreditt will raise NKr8bn in 2015, according to its investor presentation. The Norwegian krone portion of its funding will gradually, come down over time. For instance, it intends to raise NKr8.25bn-equivalent in 2017, split NKr4bn and the remainder in foreign currency.