KBN launches 2021’s first Kauri deal

Kommunalbanken Norway (KBN) (AAA/Aaa) launched a NZ$50 million (US$36 million) minimum increase to its July 2030 Kauri bond on 26 January. The BNZ-led transaction, which is being marketed at 35 basis points over mid-swap, is the first Kauri deal to launch in the new year after 2020 set an annual issuance record. The KBN deal will price a day after launch.