BONDS

Bonds comprise Vasakronan’s largest source of funding and are issued with maturities of up till 25 years. All of the bonds are unsecured and are encompassed by a change of control clause that provides investors with the right to sell the bonds back to Vasakronan in the event of a change of ownership.

Green bonds

Green bonds are issued under Vasakronan’s EMTN programme, and the documentation corresponds with Vasakronan’s other EMTN bonds. The difference is that the proceeds from green bonds are used solely for investments encompassed by Vasakronan’s Green Bond Framework.

The Vasakronan Green Finance Framework describes the investments that lead to lower energy consumption and lower climate impact, and which therefore qualify for financing with Green Finance Instruments. The second opinion on the framework was reviewed by the Center for International Climate Research (CICERO).

The following impact reports describe the investments made under the Green Bond Framework and the green bonds issued. You can read more about green financing here.

EMTN programme

In October 2018, Vasakronan established an EMTN programme of a maximum nominal amount of EUR 6 billion or its equivalent in other currencies. The programme allows borrowing in currencies including EUR, SEK and NOK and replaces the former MTN programme.

 

MTN programme

Previously, Vasakronan issued bonds under its MTN programme. In conjunction with preparing an EMTN programme in October 2018, Vasakronan ceased to update the MTN programme. Therefore, no new issues will be made under the MTN programme, however the notes outstanding will run until maturity with unchanged terms and conditions.

EMTN programme

Last updated 2018
Size EUR 6,000,000,000 or its equivalent in other currencies
Maturity Min. 1 year
Governing law Engelsk, Norsk (VPS Notes)
Listing Euronext Dublin, Oslo Stock Exchange
Change of control clause Existing investors have the right to early redemption if the Swedish national pension funds together cease to own shares representing at least 51% of the votes in Vasakronan and the company, as a result of the change of control, has its rating downgraded by at least one level.
Arranger Citibank
Clearing systems Clearstream, Euroclear, Verdipapirsentralen ASA
Dealers Barclays, BNP Paribas, Danske Bank, Deutsche Bank, Handelsbanken Capital Markets, Nordea, SEB, Swedbank, DNB Bank ASA

Curious about our bonds?
Please contact Thomas with your questions.

Thomas Nystedt
Group Treasurer Thomas Nystedt 070-686 25 41 · 08-566 205 41 thomas.nystedt@vasakronan.se