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FI CommentSEB will introduce a new SEK covered bond

  1. SEB will introduce 576; matures on December 20, 2023
  2. The coupon is 1%; ISIN SE0010049841
  3. Pricing at 26-27bp over swap; matched maturity
Maturity December 20, 2023; Coupon 1.0 %; ISIN SE0010049841
SEB will introduce 576, a SEK-denominated issue with a coupon of 1.00%. 576 will be introduced today, May 22, given appropriate market conditions. Maturity is December 20, 2023, so it is about five and a half year maturity at issue. SEB aims to reach benchmark status (i.e. SEK 5bn) during the first trading day.
Priced at 26-27bp over swap; matched maturity
576 will have the longest maturity on the SEB SEK benchmark curve. The closest SEB SEK covered bond is 578 with a maturity on December 1, 2023. We estimate that 576 will be priced at 26-27bp over swap, matched maturity. Pricing is based on market conditions as of May 22.

Disclaimer

Kiran Sakaria

Junior Strategist

Foreign Exchange and Fixed Income

kisa02@handelsbanken.se

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