Iceland - comment

Iceland announced a £250m 5yr Senior Secured Notes refinancing yesterday, with proceeds used to repay the existing 2028 SSNs. The transaction removes the 2028 maturity and, following July’s €600m refinancing of the 2027 debt, leaves Iceland with no bond maturities until 2031. The refinancing comes earlier than we expected, but removes near-term maturity risk and is likely to be credit neutral to marginally positive for the bonds.