SEB rides senior wave as focus turns to periphery
Sweden’s Skandinaviska Enskilda Banken opened books on a seven year senior unsecured bond on Wednesday, following a strong session on Tuesday which saw fellow Swede Nordea hit the sterling market and Spanish insurer Mapfre bring a €1bn three year deal.
Bankers hoped that Mapfres success, which comes after Portuguese national champion Banco Espírito Santo printed a 750m deal in the same maturity last week, would inspire other peripheral European borrowers to come to the funding markets in the traditionally quiet period towards the end of the year.
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