Chicago, Aug. 29 – Swedbank AB priced a €500 million offering of social senior non-preferred notes with a seven-year tenor (Baa1/A-/AA-) on Tuesday, a market source reported.
The notes priced with a 4.375% coupon at 99.463 to yield 4.466%, or at mid-swaps plus 135 basis points.
Initial talk was in the mid-swaps plus 150 bps area.
BNP Paribas (billing and delivery), HSBC Continental Europe, NatWest Markets and Swedbank are the bookrunners.
Proceeds will be applied to a sub-portfolio of loans with a special purpose to finance or refinance eligible social assets.
The notes will be listed in Dublin.
The size was set before pricing. The final order book was above €885 million.
Swedbank is a banking group based in Sundbyberg, Sweden.
| Issuer: | Swedbank AB
|
| Amount: | €500 million
|
| Issue: | Senior non -preferred social notes
|
| Maturity: | Sept. 5, 2030
|
| Bookrunners: | BNP Paribas (billing and delivery), HSBC Continental Europe, NatWest Markets and Swedbank
|
| Coupon: | 4.375%
|
| Price: | 99.463
|
| Yield: | 4.466%
|
| Spread: | Mid-swaps plus 135 bps
|
| Trade date: | Aug. 29
|
| Settlement date: | Sept. 5
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: AA-
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 150 bps area
|
| ISIN: | XS2676305779
|
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