The Swedish Export Credit Corporation, SEK, borrows on the international capital markets by issuing bonds. This enables our business to be funded without subsidies or loans from the Swedish government.
Investors in our bonds include central banks, institutional investors and retail investors around the world. SEK has numerous bond structures in a variety of currencies with a range of maturities. Our key funding markets are Japan, North America and Europe.
Lending in both good times and bad
SEK offers Swedish exporters and their customers lending during both good and bad economic conditions. Our flexibility means we can take swift action on global markets. For instance, if markets are turbulent in Japan we can instead borrow in the US if conditions are more favorable there.
Bonds for all investor categories
We issue bonds aimed at both institutional and retail investors. These may be public bonds, listed bonds or private placements. We issue both standard ‘plain vanilla’ bonds and structured debt. The yield on structured bonds is linked to an underlying asset such as an equity or currency index.
There is growing interest among Swedish exporters and their customers in borrowing in local operating currencies. We are constantly looking to enhance our lending products by offering more currencies and a range of maturities in local currencies. For example, we helped one exporter’s foreign subsidiary by providing a three-year loan in Chinese renminbi. Other companies borrow in currencies such as Chilean pesos or Turkish lira.
Whatever structure, currency and maturity we apply, we use derivatives to hedge against the interest rate and foreign exchange movements associated with our borrowing. We also borrow funds over exactly the same durations and interest rate fixing periods as our lending, known as matched funding. Funds that have been borrowed but not yet disbursed to Swedish exporters or their customers are placed in a portfolio of highly creditworthy and liquid assets.
SEK's credit ratings
Standard & Poor's
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