SEK issues EUR 1 billion long 5-year Bond

The state-owned company Swedish Export Credit Corporation (SEK) has issued a EUR 1 billion long 5-year transaction. This is SEK’s second public issuance in the EUR market in 2022 which underpins their work on building a EUR bond curve.

On November 16th 2022, SEK successfully issued a EUR 1 billion 5-year bond, in a volatile market. The transaction, led by BNP Paribas, DZ BANK, J.P. Morgan and Nordea, was priced at MS+16bps.

“We are extremely satisfied with the successful outcome, especially in these turbulent times and running into year-end. The demand, especially from the high-quality accounts was strong, and we are happy to have been able to print EUR 1 billion out of a EUR 1.25 billion  orderbook. Also, this underpins our statement of working on building a EUR curve as a strategic move to diversify borrowing and broaden the investor base,” says Anna Finnskog, Head of Treasury at SEK

This second EUR bond transaction by SEK this year attracted a diverse and high quality orderbook, with investors from the Nordics, Germany, France and Switzerland as well as Benelux accounting for three quarter of the orderbook. Banks took the lion´s share, followed by Central Banks and Official Institutions.

”SEK has issued again in EUR – and very successfully! The EUR 1 billion new line maturing in 2028 printed on the back of a book of over EUR 1.2 billion represents one of the biggest EUR denominated bonds issued by SEK. More than 50 investors represent the granular EUR investor base which SEK has garnered with intensive investor work over the recent months and years. This great success for a conventional EUR transaction reflects also the large and growing investor base that has developed a good understanding of SEK, its credit strength and its overall sustainable business model. DZ BANK is extremely proud and grateful to have been able to contribute to this strong result in turbulent and volatile times,“ says Kai Poerschke, Head of SSA Origination at DZ BANK AG.

“Nordea was delighted to be part of SEK's second, and largest Euro-denominated benchmark of 2022. The transaction was a great success extending SEK’s EUR curve into 2028. The quality and depth of the orderbook illustrates investors’ enthusiasm for SEK’s credit quality and lays a strong foundation for SEK’s future Euro strategy. Many congratulations to the SEK Funding team for the impressive result,” says Kamal Grossard-Amin, Managing Director, Head of SSA Origination at Nordea.

Transaction Details:

Press contact 
Catharina Henriksson
+46 76-677 59 09
catharina.henriksson@sek.se

About SEK
The Swedish Export Credit Corporation (SEK) is a state-owned company that finances Swedish exporters, their suppliers, and international buyers of Swedish products and services. Sustainability is central to SEK's operations, and therefore it is a natural step to finance the industry's transition to a fossil-free society; a development that also creates new export opportunities. With lending in 60 countries, SEK has substantial knowledge of international transactions and is a natural business partner in export financing.