Scania loads up on corporate rarity factor in Swedish kronor

05 May 2011

Shortage of corporate supply in the Swedish krona market allowed truck maker Scania to price a Skr2bn two tranche four year deal on Wednesday with a Skr3bn order book. Sole manager Nordea Markets originally announced a Skr1bn-Skr1.5bn trade across both tranches.

Scania issued a Skr1.25bn fixed rate tranche offering a 4.5% coupon and a Skr750m FRN.

Investors chasing corporate paper snapped up Scania’s deal. "Worries about the health of some sovereigns and banks, and corporates’ continuing strong performance, are making the latter a sort of safe haven for investors," said Niclas Sylvén, chief origination ...

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