STOCKHOLM, Sweden, July 13, 2005 (PRIMEZONE) -- AB Svensk Exportkredit (SEK), 100% owned by the Kingdom of Sweden, rated AA+/Aa1, today priced its new US$1 billion 3-year Global transaction at a spread of 27bps to the UST 3-year with a maturity of 15 October 2008. Joint bookrunners are Barclays, Morgan Stanley and Nomura. SEK is a regular borrower in the US Global markets, and this transaction marks the borrower's second foray into the global US markets this year following a US$1 billion 5-year transaction in January. SEK has now raised approximately US$5 billion this year and plans further funding of US$2-3 billion in the remainder of 2005.
SEK first began to look closely at the market in the middle of last week, where clearly identified demand dynamics indicated a desire for liquid, high quality assets at the shorter end of the curve. SEK was a natural candidate. The borrower is well known globally due to an ongoing marketing effort and a proven track record in US transactions.
Following detailed investor feedback on Monday, books were opened in Asian time on Tuesday and the deal was launched and priced by 2pm London time today.
The summary terms and conditions are as follows:
Issue Amount: US$1 billion Coupon: 4.125% (S.A, 30/360) Maturity: 3 years (15th October 2008) Reoffer Price: 99.927% Reoffer Spread: UST 3.75% of 05/08 + 27 bps
For more information please visit: www.sek.se or contact:
Per Akerlind, Executive Director, CFO and Head of Capital Markets Tel +46 8 613 8367 Richard Anund, Head of Funding Tel +46 8 613 8351
The press release can be downloaded from the following link: http://hugin.info/132909/R/1002314/153703.pdf
SEK's objective is to engage in financing activities and in connection therewith primarily promote the development of Swedish commerce and industry and Swedish export industry as well as otherwise engaging in Swedish and international financing activities on commercial grounds. SEK funds its activities primarily by issues in the international capital markets. SEK's balance sheet and assets are of high quality. SEK's long-term rating from Standard & Poor's is AA+ and from Moody's Aa1.