Kommunalkredit Austria yesterday (Monday) announced the successful completion of a tender offer for its remaining Swiss franc covered bonds, having accepted valid tenders for Sfr140m (Eu128m) of its Sfr651m of outstandings.

Kommunalkredit Austria on 4 May launched a tender offer for its final three outstanding Swiss franc covered bonds – due in 2020, 2022 and 2026 – for a total of up to Sfr200m. It said the tender was intended to realign the currency structure of the Swiss franc outstandings and its predominantly euro-denominated cover pool.

The offer ended on Friday, and Kommunalkredit Austria announced yesterday that an aggregate principle amount of Sfr140m will be repurchased.

The repurchased bonds will be settled by next Monday, Kommunalkredit Austria said, adding that it retains the right to cancel some or all of the repurchased bonds.