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FI CommentKommuninvest will introduce K2611

  1. Kommuninvest will introduce K2611
  2. The coupon is 1%
  3. Pricing at 13bp over swap, matched maturity
Kommuninvest introduces K2611
Kommuninvest is set to introduce K2611 in the near future, depending on market conditions. The bond will be issued under the issuer’s SEK benchmark programme. It will mature on November 12, 2026, for a maturity at issue of about seven and a half years. The coupon is set at 1%. Benchmark status is targeted and the minimum issue size is SEK 3bn. A repo facility will be offered, according to Kommuninvest.
Pricing at 13bp over swap, matched maturity
K2611 will have the longest maturity on the Kommuninvest SEK benchmark curve. The closest existing Kommuninvest bond is the K2505, which matures in May 2025. According to market prices on May 6 at 14:45, we estimate the yield on the K2611 to be 71bp over SGB1059 and 16bp under the SHYP curve. We estimate K2611 to be priced at around 13bp over swap, matched maturity.

Disclaimer

Kiran Sakaria

Junior Strategist

Foreign Exchange and Fixed Income

kisa02@handelsbanken.se

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