Gjensidige completes oversubscribed NOK 1.2bn restricted Tier 1 bond issue

Gjensidige Forsikring ASA has successfully completed the issuance of a NOK 1,200 million Restricted Tier 1 bond issue, which was substantially oversubscribed. The bonds feature a floating rate coupon of 3 months NIBOR + 2.15% p.a. and have a perpetual tenor, with Gjensidige holding a first call option after 5.5 years. The expected issue rating from S&P is BBB.

The Restricted Tier 1 bond issue is Solvency II compliant, having received authorization and approval from the Norwegian Financial Supervisory Authority. Settlement of the bonds is anticipated on September 18, 2025, with an application for listing on Euronext Oslo Børs. DNB Carnegie and Nordea served as joint lead managers for the transaction.

Gjensidige, rated A by S&P (stable), is a leading Nordic insurance group with approximately 4,700 full-time employees. In 2024, the group reported insurance revenue of NOK 39 billion and total assets amounting to NOK 171 billion.