Eksportfinans’ 4.375% $1bn global bond due 2009
Goldman Sachs was mandated lead arranger
A debut offering in the sovereign and supranational agency sector is an achievement in itself, given the risk aversion to new issuers. Norway’s Eksportfinans did it in emphatic style, launching a $1bn global bond that proved very successful.
A notable feature was the pricing, ultimately at the tight end of the initial range. The equivalent reoffer level was dollar Libor minus-3, marking Eksportfinans out as a truly sub-Libor borrower. In this respect, extensive investor marketing throughout the previous year proved beneficial.
Excellent distribution was another feature noted by the judges. The final order book reached $1.1bn with a record number of 55 separate investors, consisting of 35% fund managers, 30% banks and 25% central banks. Geographic distribution was truly diverse, with exceptional participation from the US and Asia.
