Kingdom of Sweden's two-year euro benchmark oversubscribed
(Thomson Reuters ONE) - The Kingdom of Sweden issues EUR 3 billion (SEK 30 billion) in a newtwo-year benchmark bond. The proceeds will be used as part of the SEK100 billion on-lending programme to the Riksbank.For the second time this year, the Kingdom of Sweden tapped the euromarket in euros. The order book was subscribed 2.7 times. The strongdemand is explained by the absence of syndicated sovereign supply inthe two-year maturity and the huge amount of liquidity to be investedin the sector.The foreign-currency borrowing requirement for 2009 totals SEK 152billion and includes SEK 107 billion of on-lending. To this date,roughly SEK 120 billion has been raised in bonds and SEK 25 billionin commercial paper. - We were very pleased to see the order book grow so quickly, givingus the possibility to tighten the price and yet achieve a very broadinternational distribution, says Maria Norström, Deputy Head ofFunding at the Swedish National Debt Office.Terms and conditionsIssuer Kingdom of SwedenSize EUR 3 billionCoupon 1.50 %Maturity 8 September, 2011Price 99.775Yield 1.615Spread versus Euro mid minus 15 basis pointsswapsLead managers Barclays Capital, Citi and UBSCo-leads Calyon, Danske Bank, Nordea Markets, RBC and RBSAbout 42 per cent of the bond was placed with banks, 28 per cent withcentral banks, 15 per cent with fund managers, 9 per cent withcorporates and 6 per cent with retail/private banks. Almost 60 percent was distributed to European (excluding Swedish) accounts, 23 percent to Swedish and the balance to Asia, the Middle East and theAmericas.Comments from the lead managers: "A liquid current coupon two-yearsecurity from the Kingdom of Sweden is a perfect instrument forinvestors in the current market conditions. This transaction buildson the success of Sweden's return to the euro market and complementsits euro denominated yield curve".For more information, please contact:Maria Norström, Deputy Head of Funding, +46 8 613 46 35This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 02.09.2009 - 13:00 Uhr
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