Syndicated Tap in NST490

Norges Bank has announced a syndicated tap of its 10-year benchmark bond, NST490, targeting NOK 10-15bn. SEB expects pricing at MS +2-3bps and anticipates the bond will perform well on an ASW basis following the syndication.

Key Takeaways

• 1.Norges Bank has mandated banks for a benchmark tap in the 10-year NST490 bond (4.125%, 06/2036).
• 2.The syndication is expected to target the upper end of a NOK 10-15bn volume range.
• 3.Initial price target for the tap is expected in the Mid-Swaps (MS) +2-3bps area.

Table of Contents

• A syndicated tap in NST490
• NST spread curves
• NST 10Y spreads
• Annual cumulative NST supply
• Annual NST gross supply

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