Storebrand Kredittforetak has today issued the two first tranches in the newly established loan programme for covered bonds. A total of NOK 2 billion have been issued split between NOK 1 billion floating rate, 3 years and NOK 1 billion fixed rate, 7 years. Lead arranger was DnB NOR Markets and the issue has been done in the Norwegian market.

 

Storebrand Kredittforetak is a fully owned subsidiary of Storebrand Bank. The company got license to issue covered bonds on January 7, 2008. Covered bonds will be an important source for long-term funding at Storebrand Bank. At March 31 2008, a total mortgage pool of NOK 6.4 billion had been transferred from Storebrand Bank to Storebrand Kredittforetak enabling furthe issuances in the future.

 

Oslo, April 28, 2008

 

Contact person: 

Finance Director Trond Fladvad i Storebrand Bank: +47 928 97 173.