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Commentary & Deal Flow

NEW ISSUE: Sveafastigheter AB €350m 5.5yr Sr Unsec; MS+185/190bp

IGC European Market: Deal Flow - General

Issuer

Term

Maturity

Size

Ranking

Type

ISIN

IPT

Sveafastigheter AB

5.5yr

02-Mar-32

€350m

Sr Unsec

Fixed

XS3482868893

MS+185/190


IPTs: 5.5yr: MS+185/190bp


  • Issuer: Sveafastigheter AB (publ) (“Sveafastigheter”)
  • Issuer LEI: 636700W1VM86O2G2AA36
  • Issuer Rating: BBB- by Fitch, CreditWatch Positive
  • Expected Issue Rating: BBB- by Fitch
  • Status / Format: Senior, Unsecured, Reg S, Bearer, New Global Note
  • Tenor: 5.5-year
  • Maturity Date: 02-Mar-32
  • Size: €350mn expected
  • Settlement Date: 02-Sep-26
  • IPTs: MS + 185-190 bps
  • Coupon: Fixed, Annual, Act/Act (ICMA), Short First Coupon
  • Reference Benchmark: DBR 0 15-Feb-32 (ISIN: DE0001102580)
  • ISIN / Common Code: ISIN: XS3482868893 Common Code: 348286889
  • Change of Control Put: Yes, at Par
  • Redemption Options: Make-Whole Call, Maturity Par Call (3 month), Clean-up Call (75%), Tax Call (at 100%) and Special Redemption Event Call (at 101%), each as further set out in the Offering Circular as supplemented by the Supplement dated 21-Aug-26
  • Coupon Step-up: Yes, Step Up Margin: 1.25% per annum, as per the Offering Circular
  • Docs / Denoms: EMTN / Euronext Dublin (GEM) / English Law / €100k + €1k
  • Use of Proceeds: General corporate purposes (including financing in connection with the merger with KlaraBo Sverige AB, as specified in the Pricing Supplement)
  • Financial Covenants: Consolidated Solvency Ratio shall not exceed 65% (incurrence of indebtedness) Secured Indebtedness of the Group / Consolidated Total Assets shall not exceed 45% (incurrence of secured indebtedness) Ratio of Adjusted Profit Before Tax to Adjusted Net Interest Charges shall not be less than 1.5x (incurrence of indebtedness)
  • Restriction on Distributions: Consolidated Solvency Ratio shall not exceed 55% (proforma such distribution), Ratio of Adjusted Profit Before Tax to (Adjusted Net Interest Charges shall not be less than 1.5x (proforma such distribution)
  • Clearing: Euroclear and Clearstream
  • Marketing: URL: https://dealroadshow.finsight.com Entry Code: SVEA2026 Direct Link: https://dealroadshow.finsight.com/e/SVEA2026
  • Selling Restrictions: As per the Issuer’s EMTN Programme (Reg S Cat. 2; TEFRA D)
  • Target Market: Manufacturer target market (MiFID II) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs or key information document (KID) or UK disclosure document has been prepared as not available to retail in EEA or in the UK. This announcement is not a prospectus for the purposes of Regulation (EU) 2017/1129
  • Offering Circular: This communication is not a prospectus. The Offering Circular is, and the Pricing Supplement (when published) will be, available on https://live.euronext.com/en/product/bonds-detail/p1510%7C35438/documents
  • Global Coordinator: Citigroup Global Markets Europe AG
  • Joint Bookrunners: Citigroup Global Markets Europe AG (B&D), Goldman Sachs Bank Europe SE
  • Schedule: Books open, Today’s business