Kingdom of Sweden issues 3-year dollar benchmark

6 May 2015 - Press release

Kingdom of Sweden issues USD 2.25 billion (approximately SEK 19 billion) in a new three-year bond at a yield of 1.136 per cent. The proceeds will be used to refinance maturing on-lending to the Riksbank.

The transaction was priced at mid-swaps minus 10 basis points, which is the lowest level for the Kingdom of Sweden in a 3-year dollar bond since 2012. Over 50 investors took part in the deal with bids totalling USD 3.3 billion.

 – Despite volatile fixed-income and FX markets, demand from investors was significant, says Maria Norström, Head of Funding at the Swedish National Debt Office.

Terms and conditions

Issuer

Kingdom of Sweden

Size

USD 2.25 billion

Coupon

1.125 % s.a.

Maturity date

15 May 2018

Price

99.968 %

Yield

1.136 % s.a.

Spread versus USD mid swaps

–10 basis points

Spread versus US benchmark

14.5 basis points

Lead managers

Citigroup, HSBC, Nordea

In the latest forecast from February, the Debt Office planned for total borrowing in foreign-currency bonds of SEK 93 billion in 2015. After today’s transaction approximately SEK 10 billion remains.

Distribution by investor and region

Distribution by investor in dollar bond sale, picture

Distribution by region in dollar bond sale, picture

For more information, please contact:
Anna Sjulander, Deputy Head of Funding, +46 8 613 47 77