Tryg capital notes totaling NOK 400 million and SEK 900 million were priced and subscribed on October 21, 2026. Tryg Forsikring A/S said demand exceeded twice the offering at its peak, with settlement scheduled for October 30, 2026.
Key Takeaways
- Both currency tranches pay floating benchmark rates plus 115 basis points annually.
- The notes mature in October 2056, with an initial optional repayment window beginning in October 2031.
- Tryg also plans a conditional purchase of SEK 153 million of an existing Tier 2 issue.
Table of Contents
- Tryg capital notes attract Scandinavian investors
- Long maturity includes an earlier repayment option
- Existing Swedish-krona debt targeted for partial purchase
- Conclusion
Tryg capital notes attract Scandinavian investors
The offering, which followed an announcement on October 20, was placed primarily with asset managers and funds across Scandinavia. The company said the transaction was more than two times oversubscribed at its peak; that measure describes peak demand rather than the final order book.
The Norwegian-krone tranche carries an annual floating rate of three-month NIBOR plus 115 basis points, while the Swedish-krona tranche pays three-month STIBOR plus the same spread. The benchmark component means the interest rate is not fixed for the notes’ full life.
| Item | Details |
|---|---|
| Pricing and subscription | October 21, 2026 |
| Scheduled settlement | October 30, 2026 |
| First interest payment | January 30, 2027 |
| Scheduled maturity | October 30, 2056 |
Long maturity includes an earlier repayment option
The notes have a scheduled maturity of October 30, 2056, but Tryg may repay them at par on any day from October 30, 2031, through January 30, 2032, inclusive, or on any interest payment date afterward. That is an issuer option, not a commitment to repay in 2031.
All the notes include an annual interest-rate step-up of 1.00 percentage point from October 30, 2036. Tryg expects the securities to be listed on Nasdaq Copenhagen; the announcement did not state that listing had been completed.
Existing Swedish-krona debt targeted for partial purchase
Alongside the new issuance, Tryg said it will purchase SEK 153 million of its outstanding SEK 1.3 billion floating-rate Tier 2 notes, identified by ISIN DK0030488101, at 100.042% of nominal value. The purchase remains conditional, including on settlement of the new transaction.
For background on the existing borrowing, Tryg’s fixed-income instrument overview lists a SEK 1.3 billion Tier 2 issue dated May 2021 with a November 2026 call date. That overview describes the earlier instrument, rather than confirming the terms or completion of the newly announced purchase.
Conclusion
The next scheduled milestone is settlement on October 30, 2026. Settlement is also a condition of the planned partial purchase of Tryg’s existing Swedish-krona Tier 2 notes.
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