Danske Bank acted as Joint Lead Manager for SpareBank 1 Boligkreditt’s inaugural Green Bond in SEK 

SPABOL announced Monday morning their intention to issue a 5-year Green SEK Benchmark Covered Bond including the opportunity for a
refresher/update on their green bond framework as a group investor call later the same day. The pre-announced deal provided valuable time for investors
to prepare and obtain feedback on demand, hence books were opened on Tuesday morning with guidance of 3mS + 35/37bps for an expected Level 1b
issue size.

The book grew rapidly and reached SEK 7.5bn within the first hour thereby solidifying the target Level 1b size of SEK 5.5bn, Before books closed at noon,
the order volumes had eclipsed SEK 9bn, thus allowing SPABOL to comfortably set the spread at the tightest end of guidance range (3mS+35bps).
Furthermore, the strong investor appetite led SPABOL to increase the targeted issue size to the maximum SEK 7.5bn required.

The final book was over SEK 9.4bn and contained 20 accounts, all Nordic as Denmark and Sweden took pretty much equal shares ( 54% and 46%
respectively. Asset managers were the dominating type of investors with 55%, followed by Banks with 32% and at last Insurance/Pension funds with 13%.
Fact Box

Transaction Terms 

Issuer: SpareBank 1 Boligkreditt AS
Status: Norwegian Covered Bonds
Exp. Rating: Aaa (Moody´s)
Launch Date: 26 May 2020
Maturity Date: 2 June 2025
Coupon: 3mS+75bps
Re-offer Spread: 3mS+35bps
Listing: Oslo
Joint Bookrunner: Danske Bank

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