The transaction was priced at 48 basis points above SOFR midswaps, with a semi-annual coupon of 3.75 percent. The orderbook closed at over USD 2.8 billion, with nearly 60 investors from around the world. Demand came primarily from central banks with asset managers, pension funds and insurance companies being the second largest investor category.

“The strong and broad investor demand confirms SEK’s solid credit profile and our continued position as a leading Swedish player in the international capital markets,” says Louise Bergström, Funding & Investor Relations Director at SEK.

With this transaction, SEK reached a tighter pricing level relative to U.S. Treasuries. The pricing corresponds to U.S. Treasuries +12.4 basis points, compared to approximately 15 basis points over the past two years.

“This transaction brings our curve closer to U.S Treasuries and shows investors’ strong support of the SEK credit,” says Louise Bergström.

The new 5-year bond is SEK’s third USD benchmark in 2025, following a 3-year transaction in April and a 2-year in June. This transaction was led by BNP Paribas, Citi, Deutsche Bank and TD Securities.