By Marisa Wong and Cristal Cody
Los Angeles, Feb. 28 – Skandinaviska Enskilda Banken AB priced $1.75 billion of notes in three parts on Tuesday, according to a market source.
SEB priced $350 million of floating-rate senior preferred notes due March 5, 2027 with a coupon of SOFR plus 89 basis points. Initial price talk was SOFR plus an equivalent spread.
The bank also priced $650 million of 5.125% senior preferred notes due March 5, 2027 at a spread over Treasuries of 73 bps. Initial price talk was in the Treasuries plus 100 bps area.
The third tranche consisted of $750 million of 5.375% senior non-preferred notes due March 5, 2029, priced at Treasuries plus 117 bps. Initial talk for the non-callable five-year notes was in the Treasuries plus 145 bps area.
SEB, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the bookrunners.
SEB is a Swedish financial group based in Stockholm.
| Issuer: | Skandinaviska Enskilda Banken AB
|
| Amount: | $1.75 billion
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| Issue: | Notes
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| Bookrunners: | SEB, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC
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| Pricing date: | Feb. 27
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| 2027 floaters
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| Amount: | $350 million
|
| Issue: | Senior preferred notes
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| Maturity: | March 5, 2027
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| Coupon: | SOFR plus 89 bps
|
| Initial price talk: | SOFR plus an equivalent spread
|
|
|
| 2027 fixed-rate notes
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| Amount: | $650 million
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| Issue: | Senior preferred notes
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| Maturity: | March 5, 2027
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| Coupon: | 5.125%
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| Spread: | Treasuries plus 73 bps
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| Initial price talk: | Treasuries plus 100 bps area
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|
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| 2029 notes
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| Amount: | $750 million
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| Issue: | Senior non-preferred notes
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| Maturity: | March 5, 2029
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| Coupon: | 5.375%
|
| Spread: | Treasuries plus 117 bps
|
| Initial price talk: | Treasuries plus 145 bps area
|
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