SCBC takes spread over size in Swedish sevens
Despite mounting evidence of falling Swedish house prices and the likelihood that orders were lost at the re-offer spread, Swedish Covered Bond Corporation (SCBC) issued its tightest covered bond on Monday.
After mandating leads Barclays, HSBC, LBBW, Nordea and UBS last week, the Swedish bank opened order books on Monday, with an initial spread of 5bp through mid-swaps. After about two hours orders had reached more than €1bn.After a relatively long period of three and a half hours, a second ...
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