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 5 March 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
SE0011063163 Green Unsecured Apr-18 Apr-22 Variable 2,350 4.00
SE0012702785 Unsecured Jun-19 Jun-23 Variable 700 4.25
SE0013104452 Unsecured MTN 203 Mar-21 Sep-23 Variable 600 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

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.

 

Previous issues

 

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. 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).

 

Green Bond Framework

 

Hybrid Bonds

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.

 

Certificates

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 31 December 2020 amounted to SEK 1,840 million.