Swedbank launches four year as market tests tight ING sevens

Swedbank launched its second deal of the year on Wednesday, pricing €1bn of four year paper at 107bp over mid-swaps, within official guidance. Meanwhile, the market digested a Tuesday of mixed fortunes in senior unsecured, with bankers praising Nationwide Building Society’s €1bn five year but saying ING’s seven year pricing was aggressive — and proving that the trend for negative new issue premiums in corporate bonds does not apply to the FIG market.