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Swedbank issues $500M in Additional Tier 1 capital

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Swedbank issues $500M in Additional Tier 1 capital

Swedbank AB issued Additional Tier 1 capital totaling $500 million, with a 5.625% coupon and a 100% issue price.

The offering, which is perpetual with a call option after five years, will help Swedbank optimize its capital structure, the bank said Aug. 22.

The debt instruments will be converted into ordinary shares if the bank's regulatory capital falls to a certain level, and will be listed on the Irish Stock Exchange-regulated Global Exchange Market.

Settlement is expected to take place Aug. 29.