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SEK has issued its first Maple bond (a bond issued by a foreign issuer in the domestic Canadian market). The 12 year bond, with an issue size of CAD 300 million, was lead managed by HSBC and TD Securities, with CIBC and RBC as co-managers.
The process of issuing a Maple bond was initiated last year by meeting key investors, following SEK´s intention to diversify into the Canadian market. After receiving positive feedback, the bond was launched on March 1. The book was fully subscribed within a couple of hours and was priced the same day.
Canada is a strategic and important market for SEK. It was part of SEK´s funding policy for 2007 to do the first Maple deal, and it will hopefully be followed by more soon.