Nordic pair target seven year deals in covereds

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By Tyler Davies
06 Mar 2019

Stadshypotek was able to tighten pricing by 4bp to land on top of fair value for a seven year covered bond on Wednesday, as financial institutions hit the market ahead of a European Central Bank meeting later in the week. It was joined in the euro market by the Mortgage Society of Finland (Suohyp), which was also selling a seven year deal.

Stadshypotek, which is wholly owned by Svenska Handelsbanken, mandated Commerzbank, Crédit Agricole, Credit Suisse, Handelsbanken Capital Markets and HSBC to run the books on its latest offering.

They began the pricing in the 11bp area over mid-swaps, but were able to guide investors ...

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