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 2020.
Overview of bonds
|ISIN code||Type||Issue date||Maturity date||Fixed/Variable rate||Volume, SEKm||Spread over 3-month Stibor on issue, %|
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.
Unsecured MTN Program
Klövern AB (publ) has established an unsecured Medium Term Note programme with a framework amount of SEK 10 billion.
Green Bond Framework
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 2020 amounted to SEK 1,757 million.