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Sparebanken Vest issues 250M Norwegian kroner in AT1 bonds

Sparebanken Vest issued 250 million Norwegian kroner in Additional Tier 1 bonds.

The perpetual notes carry a floating-rate coupon equivalent to the three-month Norwegian Interbank Offered Rate plus 2.85 percentage points, with the first call date March 23, 2023. The bank said the bonds were "significantly oversubscribed" and that the deal had been approved by the Norwegian Financial Supervisory Authority.

The bank also bought back 5 million kroner in outstanding AT1 bonds issued in 2010, at a 110.5% price. This brings the total buyback amount to 232 million kroner, and the remaining outstanding bonds now stand at 168 million kroner.

Norne Securities AS, Pareto Securities AS and Swedbank Norge served as arrangers.

As of March 16, US$1 was equivalent to 7.72 Norwegian kroner.