Nordic issuers adjust funding in response to Covid-19
Swedish Export Credit (SEK) joined the ranks of SSAs increasing their funding programmes in response to the Covid-19 crisis this week. Meanwhile, Norway’s Kommunalbanken (KBN) has dropped its target by $2bn as a result of a weakening Norwegian kroner.
The Swedish agency raised its target from between $8bn and $10bn to between $10bn and $12bn for 2020. This increase in funding reflects an increased forecast for on-lending, said one funding official.SEK last hit the market on March 31 with a $1.75bn three year deal. Leads