Bonds and Commercial Paper
Bonds and commercial paper constitute a complement to bank financing and are used to optimise Klövern´s capital structure.
The table below shows Klövern’s outstanding bonds on 30 June 2021.
Overview of bonds
|ISIN code||Type||Issue date||Maturity date||Fixed/Variable rate||Volume, SEKm||Spread over 3-month Stibor
on issue, %
|SE0010546747||Secured MTN 101||Nov-17||Nov-21||Variable||450||1.70|
|SE0013104452||Unsecured MTN 203||Mar-21||Sep-23||Variable||850||2.40|
|SE0013104205||Green Unsecured MTN 201||Oct-20||Apr-24||Variable||2,000||3.25|
|SE0013104361||Green Unsecured MTN 202||Feb-21||Feb-25||Variable||2,500||3.25|
|SE0013360104||Unsecured MTN 204||Mar-21||Sep-25||Variable||200||3.50|
- Prospectus SE0012702785 (in Swedish)
- Prospectus SE0011063163 (in Swedish)
- Terms and Conditions SE0011063163
Prospect for the bond with ISIN SE0010546747 can be found further down the page under the heading Secured MTN Program. Prospects for bonds with ISIN SE0013104205, SE0013104361, SE0013360104 and SE0013104452 can be found under the heading Unsecured MTN program.
- Prospectus SE0010831198
- Prospectus SE0008015119
- Tender Information Document 6 October SE0009241805
- Prospectus SE0009241805
- Prospectus SE0006799987
- Prospectus SE0004868453
- Supplement to prospectus SE0004868453
- Prospectus SE0004453108/SE0004491512
- Prospectus SE0004951648
- Prospectus SE0005757578
- Notice of Call for Voluntary total redemption SE0005127578
- Prospectus SE0005757358
Secured MTN Program
Klövern AB (publ) has established a Medium Term Note programme with a framework amount of SEK 10 billion, secured by a pool of properties as underlying assets and fully covered by property mortgage certificates.
- Tender Information Document 28 April 2020
- Base prospectus MTN program (updated May 2021)
- List of all Security Properties
- Final Terms Loan 101
- Security Property Disclosure Loan 101
Unsecured MTN Program
Klövern AB (publ) has established an unsecured Medium Term Note programme with a framework amount of SEK 10 billion. On 14 January 2021 Nykredit Bank A/S acceded to the MTN Program as dealer. Current dealers under the MTN Program are Danske Bank A/S, Danmark, Sverige Filial, Nordea Bank Abp, Nykredit Bank A/S and Swedbank AB (publ).
- Tender Information Document 29 January 2021
- Loan no 201 – Unsecured MTN program 6 October 2020 (in Swedish)
- Loan no 202 – Unsecured MTN program February 2021 (in Swedish)
- Loan no 203 – Unsecured MTN program March 2021 (in Swedish)
- Loan no 203 tranch 2 – Unsecured MTN program May 2021 (in Swedish)
- Loan no 204 – Unsecured MTN program March 2021 (in Swedish)
- Base prospectus Unsecured MTN program 6 October 2020 (in Swedish)
- Addition 3 May 2021 to Base prospectus Unsecured MTN program 6 October 2020 (in Swedish)
- Base prospectus Unsecured MTN program 7 February 2020 (in Swedish)
- Agency Agreement MTN-program February 2020
Green Bond Framework
- Green Bond Framework
- Second Opinion
- Klövern AB (publ) -Green investor presentation October 2020
- Green Bond Investor report 2018 (in Swedish)
- Green Bond Investor report 2019 (in Swedish)
- Green Bond Investor report 2020 (in Swedish)
- ESG – Questionnaire
Klövern AB (publ) has successfully issued hybrid bonds in the total amount of SEK 1,300 million under a framework amount of SEK 1,500 million. The hybrid bonds have a perpetual tenor and a floating interest rate of three-months STIBOR + 600 basis points until the first call date. The hybrid bonds are callable on 21 June 2023 and on every interest payment date thereafter.
Commercial papers work in the same way as bonds with the exception of the period to maturity, which is limited to a maximum of 364 days. Klövern’s commercial paper programme is traded via Danske Bank, Nordea and Swedbank. The programme has a framework amount of SEK 4,000 million and the outstanding volume on 30 June 2021 amounted to SEK 1,780 million.
Nordic institutional investors have enabled bilateral financing denominated in USD via unlisted secured bonds. The instruments run with a set margin above a variable interest rate of 3 months Libor.