Sweden raises USD 2 billion in a two-year bond sale at 3.458%
Prenumeration
The Kingdom of Sweden raised USD 2 billion (about SEK 18.8 billion) selling a long two-year bond at a yield of 3.458 per cent. This foreign-currency bond sale is part of the Swedish National Debt Office’s communicated funding plan.
The bid volume was in excess of USD 8 billion with 45 investors participating. Final pricing was fixed at 26 basis points above USD mid swaps, corresponding to 1.725 basis points above the matching US benchmark. The interest rate differential compared to an equivalent US treasury bond is the lowest achieved in the capital market in 2025.
“Orders from investors across the globe and an interest rate so close to US treasuries is a confirmation that the Kingdom of Sweden is seen as a safe and stable issuer,” says Johan Bergström, Head of Funding at the Debt Office.
Today’s transaction is included in the Debt Office’s current funding plan, which was published in May 2025. The issuance of foreign-currency bonds does not generate any foreign-currency exposure in Sweden’s central government debt, as the Debt Office uses derivatives to manage currency risks.
Terms and conditions
| Issuer | Kingdom of Sweden |
| Size | USD 2 billion |
| Coupon | 3.375% s.a. |
| Maturity date | 2028-01-28 |
| Price | 99.825% |
| Yield | 3.458% |
| Spread versus USD mid swaps | 26 basis points |
| Spread versus US benchmark | 1.725 basis points |
| Lead managers | Barclays Bank, Citigroup, Danske Bank, SEB |
Distribution by investor type
| Banks | 47% |
| Central Banks /Official institutions | 35% |
| Fund managers | 14% |
| Others | 4% |
Distribution by region
| EMEA | 84% |
| Americas | 15% |
| Asia | 1% |
Contact
Johan Bergström, Head of Funding: +46 8 613 45 68
Sofia Björk, Funding manager: +46 8 613 52 74