BMW back into Skr for refi
BMW returned to the Swedish krona market to refinance a Skr1.5bn bond, due to mature on January 20. The car manufacturer stuck to the short end, issuing a Skr600m 18 month tranche and a Skr1bn two year tranche. The two year tranche has a coupon of 80bp over three month Stibor, and the 18 month tranche has a coupon of 64bp over three month Stibor. These levels are broadly equivalent to BMW’s euro funding levels.
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