Kingdom of Sweden raised USD 2 billion (approximately SEK 18 billion) in a new three-year benchmark at a yield of 1.742 per cent. The proceeds will be used to refinance loans to the Riksbank.
The transaction was priced at mid-swaps minus 6 basis points, which is the tightest spread of any benchmark USD transaction in 2017 year to date. A total of 56 investors took part with the bid volume exceeding USD 3.4 billion.
- It was positive to see such strong demand considering our six months' absence from the dollar market, says Maria Norström, Head of Funding at the Swedish National Debt Office.
Terms and conditions
| Issuer | Kingdom of Sweden |
| Size | USD 2 billion |
| Coupon | 1.625 % s.a. |
| Maturity date | 6 April 2020 |
| Price | 99.659 % |
| Yield | 1.742 % s.a. |
| Spread versus USD mid swaps | Minus 6 basis points |
| Spread versus US benchmark | 21.95 basis points |
| Lead managers | Barclays, Citigroup, NatWest Markets |
Since the Debt Office released its latest issuance plan in February, the Ministry of Finance has published a proposal on the Riksbank's financial independence. Should the proposal be approved by the Riksdag, the Debt Office's foreign currency funding would be affected. The Debt Office will release a new issuance plan in June 2017.
Distribution by investor
Distribution by region
Contact
Anna Sjulander, Deputy Head of Funding, +46 (0)8 613 47 77