Swedish National Debt Office borrows SEK 11 billion in 20-year bond
(Thomson Reuters ONE) -
The Swedish National Debt Office hastoday issued a 20-year nominal bond in
exchange for two short-dated bonds. The volume issued was SEK 11.0 billion. The
exchange was made 0.46 percentage points above our 10-year bond.
The new loan, SGB 1056 2.25% 1 Jun 32, was sold to a yield of 2.275 percent. At
the same time the bond SGB 1047 5% 1 Dec 20 and SGB 1054 3.5% 1 Jun 22 was
bought to a yield of 1.715 and 1.815 percent.
In accordance with a dialogue with primary dealers and investors, we made the
assessment that there was an interest in a new government bond with a 20-year
maturity. As our borrowing requirement is limited, it was reasonable to conduct
the sale with an exchange.
We had announced a volume in the range of SEK 10-20 billion. The volume issued
reflected the demand, given our pricing.
The bond was sold through syndication where the lead managers jointly sold the
bond on our behalf at the conditions approved by us. All primary dealers
participated in the syndicate.
In connection with the syndication we decided the terms of exchange to 46 basis
points (0.46 percent) based on quantitative assessment of a reasonable and fair
pricing.
The Government decided in the Guidelines for 2012 that the benchmark for
borrowing maturities longer than 12 years should be SEK 60 billion. That would
mean an increase in the current volume of approximately SEK 20 billion.
The Debt Office will not offer further issuance of the new bond in the near
future.
For more information please contact:
Maria Norström, Head of Funding, +46 8 613 46 35
Anna Sjulander, Funding Manager, +46 8 613 47 77
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Source: Riksgälden via Thomson Reuters ONE
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