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Press release November 2, 2023

New AUD 500m 5.40% 7-year Benchmark due 1st November 2030

On Tuesday 24th October 2023, SEK, rated Aa1 / AA+ (stable / stable) by Moody’s and S&P, successfully priced a new 7-year AUD 500m Kangaroo benchmark, its second AUD 500m Kangaroo benchmark this year.

The transaction, due 1st November 2030 pays a semi-annual coupon of 5.40% and was priced at a spread of SQ ASW+75bps (ACGB+91.5bps) with a reoffer yield of 5.43%. Joint Lead Managers on the transaction were Nomura, RBC Capital Markets, and TD Securities.


Execution highlights

  • SEK issued an initial marketing announcement at 10:04am Sydney time on Friday the 20th of October, to mark their intention to come to the AUD market subject to market conditions.
  • A new 7-year benchmark was swiftly launched at 15:00 Sydney time on Monday 23rd October, and orderbooks were simultaneously opened with a spread of SQ ASW+75bp.
  • At 13:30 Sydney time on Tuesday the 24th of October 2023, the orderbook had grown to surpass AUD 570m incl. AUD 60m JLM. The spread was set at SQ ASW+75bp and the deal size was set at AUD 500m. The orderbook closed shortly thereafter at 14:00 Sydney time.
  • The deal was priced at 3:54pm Sydney time with a spread of SQ ASW + 75bps / ACGB 1% Dec 2030 + 91.5bps / EFP + 73bps, re-offer price of 99.827, a reoffer yield of 5.43%, and paying a semi-annual coupon of 5.40%.
  • This transaction represents the largest bullet 7-year AUD transaction in recent years and reflects SEK’s strategic and trusted approach in engaging with investors.


Summary of distribution

  • The final orderbook closed over AUD 570m including AUD 60m JLM interest, with participation from more than 20 investors.
  • By investor type, the largest share went to Central Banks at 52.3%, followed by Banks, Bank Treasuries 18.5%, Fund Managers, Asset Managers at 15.2% and finally other accounts at 14%.
  • By geography, 69.8% went to APAC excluding Australia accounts, followed by 16.6% to EMEA and 13.2% to domestic Australian investors while 0.4% went to Americas.



Transaction Details
Issuer:SWEDISH EXPORT CREDIT CORP (SEK) (fully owned by the Kingdom of Sweden)
Issuer Rating:Moody’s Aa1 / S&P AA+ (both stable)
Instrument:AUD Fixed Rate Senior Notes
Docs:Issuer’s A$ Debt Issuance Programme
Size:A$500 million
Coupon:5.40% S.A. RBA Bond Basis
Pricing Date:24 October 2023
Settlement Date:01 November 2023
Maturity Date:01 November 2030
Spread:SQ ASW +75 bps | ACGB 1% Dec 2030 + 91.5bps | EFP + 73bps
Yield | Price:5.43% | 99.827%
Others:NSW Law; IWT Exempt (Expected); Min Denom A$2k (A$500k Aus)
Joint Lead Managers:Nomura | RBC Capital Markets | TD Securities



An excellent result for the Swedish Export Credit Corporation (SEK) overnight, completing another AUD 500m benchmark outing, this time extending their curve to 7Ys, from the previous 5Y outing pre-Summer. The transaction marks the largest SSA 7Y outing this year and solidifies the SEK as a force to be reckoned with in the Kangaroo Market. The success is a testament to the SEK’s tireless work in the Capital Markets and indeed the strong credit strength they provide. Congratulations!” – Mark Yeomans, Debt Capital Markets, Nomura

Congratulations to the SEK team on another very well-received Kangaroo benchmark! The new A$500m 7-year extends SEK’s outstanding curve, whilst also equalling their joint largest Kangaroo benchmark. Attracting high quality demand in excess of A$570m is a reflection of the team’s efforts on global investor engagement. RBC is delighted to have worked with SEK on this deal which re-affirms their commitment to the Kangaroo SSA market.” Harald Eikeland, Head of APAC syndicate, RBC Capital Markets

We congratulate SEK on an exceptional AUD-denominated 7yr benchmark transaction. A variety of high-quality investors participated having recognized the established presence of SEK in the Australian Dollar market, with this trade marking their second AUD 500m this year. As always, it is our pleasure to work alongside SEK on this transaction” – Paul Eustace, Managing Director, Global Co-Head of SSA and Head of Europe and Asia Syndicate, TD Securities