Sweden issues dollar denominated debt at record low yield

The Kingdom of Sweden has issued a $1bn three-year bond offering a yield of just 0.472% – a record low for a syndicated deal in 2012.

The bond was issued by Riksgälden, the Swedish National Debt Office, which said the bid volume was $1.5bn, mainly from central banks that bought 61% of the issue.

Banks bought 30% and asset managers 7%, with the balance sold to pension and insurance companies.

Around 32% of the bond was sold to Europe (excluding Sweden), 23% to Sweden, 16% to Asia and 20% Africa and the Middle East. US and other investors in the Americas bought 9% of the bond.

Terms and conditions   
 Issuer Kingdom of Sweden
 Size Dollar 1.0 billion
 Coupon 0.375%
 Maturity 2012-10-22
 Price 99.697%
 Yield 0.472%
 Spread versus Benchmark plus 4.75 basis points
 Spread versus Dollar mid swaps minus 7 basis points
 Lead managers Barclays, Deutsche Bank, Citigroup

 

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