By Cristal Cody
Tupelo, Miss., March 24 – Sweden (Aaa/AAA/AAA) priced $2 billion of 0.75% two-year bonds on Tuesday at mid-swaps plus 23 basis points, or a spread of Treasuries plus 40 bps, according to a market source and a news release from the Swedish National Debt Office.
Initial price talk was in the Treasuries plus 45 bps area.
The issue priced at 99.994 to yield 0.753%.
BMO Capital Markets Corp., Citigroup Global Markets Ltd., Goldman Sachs International and HSBC Bank plc were bookrunners of the Rule 144A and Regulation transaction.
Bid volume totaled $4.15 billion with 70 investors participating.
Central banks/official institutions took 80% of the notes, while asset managers bought 11% and bank/bank treasuries purchased 9%.
By region, 43% of the bonds went to investors in Asia, 35% of the bonds went to Europe, Middle East and Africa investors and 22% to investors in the Americas.
Proceeds will be used to refinance loans to the Riksbank, the central bank of Sweden.
| Issuer: | Kingdom of Sweden
|
| Amount: | $2 billion
|
| Description: | Bonds
|
| Maturity: | March 30, 2022
|
| Bookrunners: | BMO Capital Markets Corp., Citigroup Global Markets Ltd., Goldman Sachs International and HSBC Bank plc
|
| Coupon: | 0.75%
|
| Price: | 99.994
|
| Yield: | 0.753%
|
| Spread: | Mid-swaps plus 23 bps, or Treasuries plus 40 bps
|
| Trade date: | March 24
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AAA
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 45 bps area
|
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