Swedavia has successfully issued SEK 3bn ($318.8 million) in subordinated hybrid bonds separated in two perpetual maturities, with a redemption option after five years and seven years, respectively.
There is a floating tranche on the five-year bonds and a fixed and floating tranche on the seven-year bonds. The settlement date of the bonds is November 19, 2025.
In connection with the new issue, Swedavia has announced the results of the tender offer to the holders of its outstanding SEK 2.3bn of subordinated hybrid bonds, callable November 2026, and to the holders its outstanding SEK 200 million of subordinated hybrid bonds, also callable November 2026.
The tender offer expired on November 11, 2025. Securities in an aggregate amount of SEK 2.35 billion have been validly tendered and accepted by Swedavia (of which SEK 2.15 billion and SEK 200 million pertain to the two outstanding hybrid bonds mentioned above).
“Our hybrid bond issuance was oversubscribed, once again demonstrating a strong interest in Swedavia,” said Kristina Ferenius, CFO of Swedavia.
“The SEK 3bn issuance, combined with our solid Baa1 (positive outlook) rating, provides us with continued favourable conditions to competitively finance the further development of our airports.”
The coupon of the new five-year hybrid bonds was set at 3mS+170bps for the floating tranche of SEK 1.75bn.
The coupon of the new seven-year hybrid bonds was set at 3mS+220bps for the floating tranche of SEK 750 million, and at 4.815% for the fixed tranche of SEK 500 million.
The orderbook consisted of approximately 80 unique investors and retrieved a larger than initially indicated volume. This generated a more attractive pricing for Swedavia in the new transaction.
Nordea and Skandinaviska Enskilda Banken (SEB) acted as joint bookrunners on the new hybrid transaction.
Swedavia will complete the tender offer and the price for the securities in the tender offer amounts to 101.897% of the nominal amount for the floating rate hybrid bond and to 100.506% for the fixed rate hybrid bond.
The issuer will also pay accrued and unpaid interest from, but excluding, the previous interest payment date until, and including, the settlement date for the tender offer.
Settlement for the tender offer will occur on November 19, 2025 as secondary trades via Nordea.
All tendering holders should coordinate their trade bookings with their local sales representative immediately, Swedavia said.
Securities tendered and accepted by Swedavia for purchase pursuant to the tender offer will be cancelled in accordance with the terms and conditions of the securities.
Nordea acted as sole dealer manager on the tender offer.