Stadshypotek prints tightest covered in months

Svenska Handelsbanken
By Bill Thornhill
17 Nov 2020

Stadshypotek on Tuesday became the first Swedish bank to issue a euro benchmark covered bond this year, with its first euro deal secured on Norwegian mortgages. The bond was priced at the tightest spread for any covered bond issued outside the eurozone since May 2019.

Stadshypotek mandated Crédit Agricole, HSBC, Nomura and its parent bank, Svenska Handelsbank, for a November 2028, simultaneously opening order books with initial guidance of 8bp area over mid-swaps. 

After one hour of book building, orders exceeded €1bn. After three hours, when the order book stood at €1.25bn, the spread ...

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