End of the dollar bull market? Swedbank falters amid US credit volatility

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By Tyler Davies
11 Mar 2021

European banks will exercise extreme caution in dollars after an ill-fated senior deal from Swedbank this week. It could signal the end of a long run of ultra-easy borrowing conditions in US credit markets, with severe volatility stemming from fears of rising interest rates. Tyler Davies reports.

Swedbank had set out to issue a three year preferred senior note alongside a six year non-call five bond in non-preferred senior format.

But it massively misjudged the tone of the dollar market on Tuesday, as many investors scoffed at the 144A transaction.

The issuer ended up pulling ...

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