SalMar ASA has received approval from Norway’s Financial Supervisory Authority to list three senior unsecured green bond issues worth a combined NOK 5 billion on Oslo Børs. The bonds include fixed- and floating-rate tranches maturing between 2029 and 2036. The listing expands SalMar’s access to capital for environmentally sustainable investments and supports its broader green financing strategy.
Key Overview
- NOK 5 billion: Total value of SalMar’s three green bond issues.
- Three bonds: Two fixed-rate bonds and one floating-rate bond.
- 2029–2036: Maturity period for the three issues.
- Oslo Børs: The bonds are being prepared for listing on Norway’s stock exchange.
- Green financing: The issues form part of SalMar’s broader sustainable financing strategy.
- 2026 outlook: SalMar expects approximately 318,000 gutted-weight tonnes of harvests.
SalMar Gains Approval for NOK 5 Billion Green Bonds
Norwegian salmon farming company SalMar ASA has received approval from the Financial Supervisory Authority of Norway for a prospectus covering the listing of three senior unsecured green bond issues on Oslo Børs.
The three issues have a combined value of NOK 5 billion, providing SalMar with additional access to debt capital while supporting its wider green financing strategy.
The approval allows the bonds to proceed toward listing, giving investors a tradable market for the company’s green debt instruments.
For SalMar, the transaction strengthens its ability to access capital linked to environmentally sustainable projects while supporting its long-term growth plans in the aquaculture sector.
Three Green Bonds Have Different Structures
The NOK 5 billion package consists of three senior unsecured green bonds with different interest-rate structures and maturities.
The first is NOK 1 000 000 000 5.625% senior unsecured green bonds . It was issued on February 25, 2026, and matures on February 25, 2036.
The second is NOK 1 500 000 000 5.541% senior unsecured green bonds, issued on June 18, 2026, it matures on June 18, 2029.
The largest tranche is NOK 2 500 000 000 FRN 3mN+88bps senior unsecured green bonds, also issued on June 18, 2026. It pays three-month Nibor plus 88 basis points and matures on June 18, 2029.
Together, the three securities give SalMar a combination of longer-term fixed financing and shorter-term floating-rate funding.
Green Financing Supports Sustainable Aquaculture
The bond issues form part of SalMar’s broader green financing strategy, providing capital linked to environmentally sustainable activities.
Green bonds allow companies to raise debt while directing financing toward eligible projects and activities that meet defined environmental criteria.
For SalMar, the financing approach aligns with its focus on sustainable growth in aquaculture and responsible use of marine resources.
The company had previously entered the green bond market in 2021, when it issued a NOK 3.5 billion green bond, exceeding its original NOK 2.5 billion target.
The previous financing was generally associated with projects involving sustainable resource use, clean production and conservation.
However, SalMar’s latest announcement does not provide further details on the specific allocation of proceeds from the new NOK 5 billion bond package.
Bonds to Trade on Oslo Børs
Following approval of the prospectus, the three green bond issues can proceed with listing on Oslo Børs.
The listing gives investors access to publicly traded debt instruments issued by SalMar and expands the company’s presence in the sustainable finance market.
The senior unsecured structure means the bonds are not secured against specific company assets, while their green designation connects them to SalMar’s broader environmental financing framework.
The combination of fixed- and floating-rate securities also provides investors with different exposure to interest-rate conditions and maturity periods.
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SalMar Continues to Expand Production
The green financing comes as SalMar continues to expand its aquaculture operations.
The company reported record full-year 2025 harvest volumes of 300,900 gutted-weight tons, marking its first year above the 300,000-tonne level.
SalMar has guided for about 318,000 tons of harvests in 2026, representing an increase of around 6% from the previous year’s volume.
The company also reported NOK 8.2 billion in fourth-quarter 2025 revenue, alongside operational EBIT of NOK 1.83 billion.
The production expansion provides a broader business backdrop for SalMar’s continued use of capital markets to support its operations and investment plans.
SalMar’s Position in the Aquaculture Market
Founded in 1991 and headquartered in Frøya, Norway, SalMar is one of the world’s major salmon farming companies.
Its operations extend across Norway, Iceland through its 52%-owned Icelandic Salmon, and Scotland through its 50%-owned Scottish Sea Farms.
The company is listed on Oslo Børs under the ticker SALM.
Its continued use of green financing reflects the growing importance of sustainable capital markets for companies operating in resource-intensive industries such as aquaculture.
For investors, green bond listings can provide exposure to corporate debt while supporting projects aligned with environmental objectives.
Outlook
SalMar’s approval to list NOK 5 billion of green bonds strengthens its access to sustainable debt financing and adds three new tradable instruments to Oslo Børs.
The combination of fixed- and floating-rate bonds, alongside maturities extending to 2036, gives SalMar a diversified financing structure.
The company’s record 2025 harvest volumes and expected production growth in 2026 also provide an important operating backdrop for the financing.
However, SalMar has not disclosed further details in this announcement on the specific projects that will receive proceeds from the new bonds. The impact of the financing will therefore depend partly on how the capital is ultimately allocated within its green financing framework.
FAQs
1. How much are SalMar’s new green bonds worth?
SalMar’s three green bond issues have a combined value of NOK 5 billion.
2. When do SalMar’s green bonds mature?
The bonds mature between 2029 and 2036, with two maturing in 2029 and one in 2036.
3. Where will the SalMar green bonds be listed?
The three bonds are being prepared for listing on Oslo Børs, Norway’s stock exchange.
4. What will SalMar use the green bond financing for?
The bonds support SalMar’s broader green financing strategy and sustainable growth in aquaculture. The company did not provide further specific allocation details in this announcement.
Sources: The Globe and Mail, Yahoo Finance, iGrow News
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