Vegfonds Viken contemplating NOK bond issuance

Vegfonds Viken contemplating NOK bond issuance

Vegfinans Viken’s Recent Bond Issuances Highlight Infrastructure Financing Strategy

Vegfinans Viken AS, a Norwegian toll company owned by the counties of Innlandet, Vestfold og Telemark, and Viken, has demonstrated active capital market engagement in recent months to fund infrastructure projects. The issuer, rated AA (Stable) by Scope Ratings, successfully completed a NOK 1 billion bond issuance in January 2025, comprising two tranches: a NOK 300 million floating-rate note (FRN) with a coupon of 3M NIBOR + 0.53% and a NOK 700 million fixed-rate bond offering 4.646% annually. Both instruments mature on 21 January 2030 and are guaranteed by Akershus County Municipality, which holds an AAA (Stable) rating from Scope Ratings.

In June 2025, Vegfinans Viken further expanded its debt portfolio by increasing the outstanding volume of its VGFV05 PRO bond (ISIN: NO0012916925) by NOK 250 million, raising the total to NOK 1.25 billion. The proceeds will finance infrastructure projects in the Akershus region, including the E18 Lysaker-Ramstadsletta initiative. This bond, maturing on 15 February 2027, also benefits from an AAA-rated guarantee by Akershus County Municipality.

The company's debt strategy emphasizes long-term funding for transportation infrastructure, supported by strong municipal guarantees. Nordea and SpareBank 1 Markets have previously acted as joint lead managers for such transactions, while Danske Bank has also participated in managing specific issues. Vegfinans Viken's bonds are listed on Nordic ABM, enhancing liquidity for investors.

With ongoing infrastructure demands in the Viken region, the company's recent capital market activities suggest a continued reliance on NOK-denominated debt to align with project timelines and refinancing needs. Investors may monitor future announcements for additional issuances, particularly as existing bonds approach maturity dates in 2030 and beyond.

According to ownership data: Vegfinans Viken's ownership structure and industry classification.
Details of January 2025 bond issuance and guarantees: January 2025 bond issuance and guarantees.
June 2025 bond expansion and project allocation: June 2025 bond expansion and project allocation.
Credit ratings and listing information: Credit ratings and listing information.