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First issue under Swedavia’s bond programme

2013-02-01, kl. 10:00

Swedavia has successfully launched its first bond issue, totalling SEK 1.5 billion, under the framework for its medium-term note programme, which was established in December 2012.

The five-year corporate bonds consist of two tranches, with SEK 1 billion borrowed at a fixed rate of 2.5 per cent and SEK 500 million at a floating rate (STIBOR + 0.7 per cent).

“Since this is Swedavia’s first bond issue, it was important for us to get the coupon rate right” says Karl Wistrand, CFO and deputy CEO of Swedavia. There seems to be considerable interest in corporate bonds from stable companies with strong finances, and we are pleased that we are now able to diversify Swedavia’s funding and make it more effective.

The bond issue, which was floated on January 29, replaces earlier bank loans and makes it possible to continue the development of even more efficient, sustainable, attractive and passenger-friendly airports.

The medium-term note (MTN) programme was established in December 2012 and means that Swedavia can issue up to SEK 5 billion in corporate bonds. SEB is the lead bank for the programme and is also an issuing agent along with Danske Bank, Nordea, Handelsbanken Capital Markets and Swedbank. In addition to bank loans, Swedavia has been able to borrow up to SEK 5 billion through an existing commercial paper programme.