Kingdom of Sweden issues a new eurodollar benchmark to the Riksbank

23 March 2011 - Press release

The Kingdom of Sweden raised 2 billion dollar (SEK 13 billion) in a new long two-year benchmark bond.

To re-fund the Riksbank's loans in foreign currency, the Swedish National Debt Office has issued a new dollar bond in the international capital market.

During 2009, the Debt Office borrowed corresponding to SEK 95 billion in foreign currency on behalf of the Riksbank. During 2011, three bonds fall due, two in dollar and one in euro.  

Further information can be obtained from the Debt Office's forecast as of 16 November, 2010, www.riksgalden.se.

Central banks, which normally represent the largest investor category, bought 34 per cent of the deal. Corporates participated this time with 34 per cent. As much as 38 per cent was placed in the Nordic area, which is unusual.  The balance was sold to the Americas, other Europe, the Middle-East and Asia. 

- We are tremendously happy with the result. Thanks to the strong interest of 3.3 billion dollar in total, we were able to increase the size compared to what we initially had planned and at the same time tighten the price.  In addition, we managed to broaden the investor base through new investors. Which is very positive for us as an issuer, says Maria Norström, Head of Funding.

Terms and conditions

Issuer Kingdom of Sweden through SNDO
Size USD 2 billion
Coupon 1.000 %
Maturity 30 September, 2013
Price 99.849 %
Yield 1.059 %
Spread versus USD mid swaps  minus 8 basis points
Lead managers Citi, Credit Suisse and Nordea Markets


Comments by the lead managers:

- Swedish public finances are among the strongest in Europe and the credit risk is priced among the lowest in the world.

For more information, please contact:

Johan Bergström, Funding Manager, +46 8 613 47 77