Handelsbanken makes use of senior supply scarcity

By David Freitas
08 Apr 2020

Svenska Handelsbanken was the only financial institution to issue senior debt in euros this week. The issuance came at a time Swedish banks have been granted an extension of two years to comply with regulatory targets for MREL debt, which might make a short-term dent in issuance.

The Swedish lender attracted an €8.25bn book for the five year preferred senior bond and sold €1.25bn of the securities at 135bp over mid-swaps.

Bookrunners Goldman Sachs, Nomura, Svenska Handelsbanken and UBS were able to tighten pricing 40bp from initial guidance of 175bp.

Keith ...

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