By Cristal Cody
Tupelo, Miss., Feb. 7 – The Kingdom of Sweden (Aaa/AAA/AAA) priced $3 billion of 2.375% three-year notes on Wednesday tighter than talk at a spread of mid-swaps minus 1 basis point, or Treasuries plus 16.85 bps, according to a news release.
The notes were initially talked to price at the mid-swaps flat area.
The issue came at 99.741 to yield 2.465%.
Citigroup Global Markets Ltd., Barclays and HSBC Bank plc were the bookrunners.
More than 40 investors took part in the deal with bids totaling $4.4 billion.
Proceeds will be used to refinance maturing on-lending to the Riksbank, the central bank of Sweden.
Sweden’s National Debt Office said in 2018 it plans to issue bonds in foreign currency equivalent to SEK 102 billion for funding that refers to refinancing of bonds previously raised on behalf of the Riksbank. After Wednesday's transaction, a little more than SEK 14 billion remains, according to the release.
| Issuer: | Kingdom of Sweden
|
| Amount: | $3 billion
|
| Description: | Bonds
|
| Maturity: | Feb. 15, 2021
|
| Bookrunners: | Citigroup Global Markets Ltd., Barclays and HSBC Bank plc
|
| Coupon: | 2.375%
|
| Price: | 99.741
|
| Yield: | 2.465%
|
| Spread: | Mid-swaps minus 1 bp, or Treasuries plus 16.85 bps
|
| Trade date: | Feb. 7
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AAA
|
| Distribution: | Rule 144A, Regulation S
|
| Price talk: | Mid-swaps flat area
|
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