Bonds and Commercial Paper

In 2021, Klövern merged with Corem Property Group. Under the name Corem, we continue to own, develop and manage properties for the future – with an unchanged focus on being close to you as a customer.

At the Annual General Meeting on April 27, 2022, a decision was also made to change the name of Klövern AB to Corem Kelly AB.

Outstanding bonds and certificates are not affected by the name change.

Bonds and certificates are a complement to bank financing and are used to optimize the capital structure.

The table shows Corem Kelly AB’s (former name Klövern AB) outstanding bonds as of 20/05/2022.

Overview of bonds

ISIN code Type                       Issue date Maturity date Fixed/Variable rate Volume, SEKm Spread over 3-month Stibor
on issue, %
SE0012702785 Unsecured Jun-19 Jun-23 Variable 700 4.25
SE0013104452 Unsecured MTN 203 Mar-21 Sep-23 Variable 850 2.40
SE0013104205 Green Unsecured MTN 201 Oct-20 Apr-24 Variable 2,000 3.25
SE0013104361 Green Unsecured MTN 202 Feb-21 Feb-25 Variable 2,500 3.25
SE0013360104 Unsecured MTN 204 Mar-21 Sep-25 Variable 200 3.50

Prospects for bonds with ISIN SE0013104205, SE0013104361, SE0013360104 and SE0013104452 can be found under the heading Unsecured MTN program.

 

Previous issues

 

Secured MTN Program

Klövern AB (publ) has established a Medium Term Note programme with a framework amount of SEK 10 billion, secured by a pool of properties as underlying assets and fully covered by property mortgage certificates.

 

Unsecured MTN Program

Klövern AB (publ) has established an unsecured Medium Term Note programme with a framework amount of SEK 10 billion. On 14 January 2021 Nykredit Bank A/S acceded to the MTN Program as dealer. Current dealers under the MTN Program are Danske Bank A/S, Danmark, Sverige Filial, Nordea Bank Abp, Nykredit Bank A/S and Swedbank AB (publ).

 

Green Bond Framework

 

Hybrid Bonds

Klövern AB (publ) has successfully issued hybrid bonds in the total amount of SEK 1,300 million under a framework amount of SEK 1,500 million. The hybrid bonds have a perpetual tenor and a floating interest rate of three-months STIBOR + 600 basis points until the first call date. The hybrid bonds are callable on 21 June 2023 and on every interest payment date thereafter.

 

Certificates

Commercial papers work in the same way as bonds with the exception of the period to maturity, which is limited to a maximum of 364 days. Klövern’s commercial paper programme is traded via Danske Bank, Nordea and Swedbank. The programme has a framework amount of SEK 4,000 million and the outstanding volume on 30 June 2021 amounted to SEK 1,780 million.

 

Institutional financing

Nordic institutional investors have enabled bilateral financing denominated in USD via unlisted secured bonds. The instruments run with a set margin above a variable interest rate of 3 months Libor.