Nordics

‘Notably better’ spread cements sovereign’s standing, thanks to triple-A rating and solid fiscal position

◆ Sovereign back in euros, alternating from dollars in 2025 ◆ “Very low double digit” spread over Germany ◆ Sweden, KfW key comps

◆ Less frequent issuers bring fifth and sixth euro SNPs of the week ◆ Mid-level durations 'working well', lead says ◆ Premiums paid

◆ Heathrow and ADP offer concessions for longer dated trades ◆ Investors 'more selective' and 'want to be compensated' past 7 years, says banker ◆ Avinor's state-owned status helps it land through fair value

◆ Euros over dollars for Sweden's only international deal of 2026 ◆ Pricing inside KfW, good pick-up over ESTR ◆ Greece brings €3bn 10 year tap

◆ Pricing competitive to euros ◆ Deal the largest from a European corporate in 12 years ◆ Diversification drive fuels bumper Swiss franc year

◆ Issuer takes advantage of attractive sterling funding levels ◆ Printing during UK school holidays no problem for 'very well loved name' ◆ Sterling FIG senior undersupplied versus last year

◆ Third dollar deal in three years from the Nordic sovereign ◆ 'Ten year is the new five year' in dollars ◆ Recent World Bank bond a key comparable for pricing

◆ Five year dollars 'road well travelled' ◆ Fair value estimated ◆ Pricing 'straightforward' given plenty of comps

◆ Issuer took advantage of attractive euro funding levels ◆ 'The best quality name you can buy,' lead says ◆ Premium paid

Tobias Landström, Kommuninvest’s head of debt management discusses recent euro bond transaction

Deals price tightly to Western European peers, with high-spread Icelandic banks performing the most