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FI CommentSCBC will introduce a new SEK covered bond

  1. The Swedish Covered Bond Corporation (SCBC) will introduce 145
  2. The coupon is 1%; ISIN SE0012481349
  3. Pricing at 20bp over swap, matched maturity
SCBC introduces 145
SCBC is SBAB’s mortgage lending institute. SBAB is 100% owned by the Swedish state and its core business is mortgage lending in Swedish kronor to households, companies and tenant-owned associations. SCBC will, in the near future, subject to market conditions, introduce a new SEK covered bond, 145.
Maturity June 12, 2024. Coupon 1.0%. ISIN SE0012481349
SCBC will introduce 145 with a coupon of 1.0% in the near future, given appropriate market conditions. Maturity is June 12, 2024. It is about five years maturity at issue.
Indicative pricing at 20bp over swap, matched maturity
We estimate the 145 to be priced at 20bp over swap, matched maturity. Pricing is based on market conditions as of April 25. 145 will have the second longest maturity on the Swedish covered bond benchmark curve. The 145 will land between SCBC 144 with a maturity in June 2023 and SCBC 147 with a maturity in June 2026.


Kiran Sakaria

Junior Strategist

Foreign Exchange and Fixed Income

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