AB Svensk Exportkredit: SEK secures long-term Chinese RMB financing for a Swedish exporter
(Thomson Reuters ONE) -
The Swedish Export Credit Corporation (SEK) has for the first time issued a bond
in local Chinese currency (RMB) for long-term financing of a Swedish exporters
local operations in China. The transaction is a milestone in the financing of
Swedish export companies. Going forward these companies will have access to much
more competitive financing in RMB than they have previously had.
"Until now, Swedish companies operating in China have been able to get access to
local currency funding from banks in China, but it has been expensive and often
not for longer periods than up to a year. Swedish companies are in China to
stay, and it is SEK's experience that they also want part of their financing to
be long-term, and in local currency, in order to better match the nature of
their operations," said Miriam Bratt Executive Director, Funding at SEK.
The transaction means that SEK finances Volvo (China) Investment Co. Ltd through
the floating of a three-year 200 million RMB bond issue. SEK's interest rate is
2.4 percent and the buyers are Asian investors based in China, Hong Kong and
Singapore. Lead Manager was CITICS Securities. SEK will lend the proceeds of the
issue to Volvo (China) Investment Co. Ltd.
"The transaction is a break through which means that SEK will be able to offer
long-term financing in local Chinese currency to other Swedish exporters as
well. It will be an important competitive advantage for them," said Håkan
Lingnert, Head of CRM at SEK.
Swedish export companies have long sought cost-effective long-term financing in
local currency in China to reduce the interest rate and currency risk that their
growing Chinese operations means. A few foreign companies have already filed and
received approval for financing of their own operations in China, but this is
the first time a Nordic financial institution carries out such a transaction on
behalf of a company.
For questions contact Johan Winlund, Executive Director Communications,
+46 8 613 84 88
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Source: AB Svensk Exportkredit via Thomson Reuters ONE
[HUG#1576358]
Datum: 10.01.2012 - 12:55 Uhr
Sprache: Deutsch
News-ID 102758
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"AB Svensk Exportkredit: SEK secures long-term Chinese RMB financing for a Swedish exporter"
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