| Sweden looks to diversify borrowing with more domestic borrowing |
Unlike many of the other sovereigns Euromoney spoke to, Sweden is looking to cut the role of internationally syndicated deals in its funding programme, after using the market unusually heavily in 2002. Erik Thedéen, deputy director general of the Swedish national debt office, says: "Our foreign debt is around 30% of the total - our strategy is to decrease that amount. Last year we had a pause in that schedule due to the weak Swedish krona, and did a lot of internationally syndicated deals, but that will change in 2003. Like every issuer, we want to diversify our investors, but we'd like to do that with our domestic debt."
Of the expected SKr130 billion ($15 billion) yearly funding requirement, just SKr5 billion is expected to be raised in foreign currency.
After being upgraded to AAA by Moody's in the spring, Sweden found considerable success with its three dollar benchmarks in 2002, particularly its $1.25 billion 2005 issue in May. Thedéen says the small, highly rated sovereign's paper has benefited from its rarity value.