Gjensidige plans restricted tier 1 bond issue up to NOK 1.2 bn

Gjensidige Forsikring ASA is contemplating a new Restricted Tier 1 bond issue, mandating DNB Carnegie and Nordea Bank Abp as joint lead managers. A digital fixed income investor meeting is scheduled for Thursday, September 11, 2025, to discuss the potential offering. The contemplated bond will feature a perpetual tenor with a first call option for the issuer after a minimum of five years.

The issue is expected to have a floating interest rate and an approximate size of up to NOK 1,200 million, subject to prevailing market conditions. This Solvency II compliant bond is anticipated to receive a BBB rating from S&P, while Gjensidige itself holds an A (stable) rating from S&P. The general meeting has authorized the bond issue, which also has the approval of the Norwegian Financial Supervisory Authority.

Gjensidige, a prominent Nordic insurance group listed on the Oslo Stock Exchange, reported insurance revenue of NOK 39 billion and total assets of NOK 171 billion in 2024. The company provides a range of insurance products across Norway, Denmark, Sweden, and the Baltic states, along with pension and savings solutions in Norway.