On Thursday 29th August 2024, SEK successfully priced a 7-year EUR 500 million green transaction in a hard to assess, post summer EUR market. The EUR transaction was priced at mid-swaps + 33bps. Joint lead managers were Credit Agricole Corporate & Investment Bank, Deutsche Bank, NatWest and TD Securities. 

“We are extremely satisfied with the successful outcome. The demand from high quality accounts was strong, and we are happy to have been able to price the transaction 2 bps inside the initial spread indication. This paves the way for our future EUR benchmark transactions, and we are grateful for the support we receive from our global investor base,” says Louise Bergström, Funding & Investor Relations Director at SEK. 

The final orderbook size was in excess of EUR 1.5 billion, which is more than three times the initially set transaction size. More than 60 different investors participated. Central banks and official institutions followed by fund managers, insurance companies and corporates, and banks and bank treasuries took the largest part of the final allocations. Investor were mainly from Europe with additional support from Asia and the US. 

“An exceptionally well-timed endeavour back into the Euro market, as SEK continues to establish itself in the currency in both green and conventional offerings across the curve,” says James Farrely, Debt Syndicate, Credit Agricole CIB. 

“Big congratulations to the SEK team on an impressive return to the EUR market for the first EUR benchmark transaction in 2024. The pricing of 2 bps inside guidance for the EUR 500 million 7-year green transaction is a testament to the strong investor perception SEK has globally. The quality and diversity of the orderbook highlights investor commitment to SEKs ESG activities. We are delighted to have been involved in this transaction,” says Achim Linsenmaier, Vice Chairman of Global Public Sector, Deutsche Bank. 

Summary Transaction Details