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FI CommentSwedbank Hypotek will introduce a new SEK covered bond

  1. Swedbank Hypotek will introduce 193; matures on December 20, 2023
  2. The coupon is 1%; ISIN SE0011089622
  3. Pricing at 27-28.5bp over swap, matched maturity
Maturity December 20, 2023; coupon 1.0 %; ISIN SE0011089622
Swedbank Hypotek will introduce 193, a SEK-denominated issue with a coupon of 1.00%. The 193 will be introduced on Tuesday, April 17 given appropriate market conditions. Maturity is December 20, 2023, so it has around a five-and-a-half-year maturity at issue. Swedbank Hypotek aims to reach benchmark status (i.e. SEK 5bn) during the first trading day.
Priced at 27-28.5bp over swap
The 193 will have the longest maturity on the Swedbank Hypotek SEK benchmark curve. The closest existing Swedbank bond is the 192, with a maturity in March 2023 and currently trading at 20.5bp over swap, matched maturity. We estimate the 193 to be priced 27-28.5bp over swap, matched maturity. Pricing is based on market conditions as of April 13.

Disclaimer

Kiran Sakaria

Junior Strategist

Foreign Exchange and Fixed Income

kisa02@handelsbanken.se

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