Initial issue - syndication
The pricing of the initial issue is set through a syndication procedure based on the planned issue amount, maturities and other conditions. The price level is determined by the issuing banks following discussions with the investor collective.

Following the publication of the timing and terms of the issue, investors are given the opportunity to place bids with their banks. Once the bidding period has been concluded, a collective assessment is made of the bids and prices received, following which allocations are made to the investors.

Subsequent issues - On-tap issue
The debt instruments subsequently issued during the maturity of the bond loan are to be issued through on-tap issues. Except for the yield, the terms will be identical to those of the debt instruments issued initially.