SpareBank 1 Boligkreditt is a Norwegian covered bond issuer jointly owned by the saving banks working closely together under the SpareBank 1 brand. The cover pool consists solely of Norwegian residential mortgages originated by the SpareBank 1 parent banks with a loan-to-value of up to maximum 75% and a liquidity reserve. The covered bonds are rated Aaa by Moody's.
The covered bond funding entity is of high strategic importance to the members in the SpareBank 1 Alliance. The Alliance consists of savings banks with a dominant share of mortgage retail lending as their core business. All of the business takes place within Norway and most SpareBank 1 banks trace their history to the 19th century. The Alliance's banking branch network is Norway's most extensive and the wide dispersion of banks ensures a well distributed cover pool.
This is the first issuer from Norway and Scandinavia to receive Certification.
note: This bond was Certified after bond issuance - ie "post issuance Certification"
DATE OF ISSUE
|TYPE OF INSTRUMENT||
JURISDICTION OF ISSUER
|ANNUAL REPORT||FURTHER INFORMATION|
|January 2018||Covered Bond||EUR 1 billion (USD 1.24 billion)||7 years||Norway||Low Carbon Buildings - Residential||post issuance Verification report by Multiconsult|
|June 2020||Covered Bond||SEK 8.5 billion (USD 919 million)||5 years||Norway||Low Carbon Buildings - Residential||same report as above||Term sheet|