Nordics
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Climbing US Treasury yields and tightening swap spreads are pushing out levels in dollars, but Swedish Export Credit Corporation (SEK) managed a successful three year trade — a good omen for an upcoming deal from Kommuninvest on Wednesday. -
Swedish Export Credit Corporation will bring a three week dearth of SSA dollar benchmark issuance to an end on Tuesday after mandating for a three year issue. A shift in Libor rates, swap spreads and secondary levels since the last glut of dollar supply should all make for a keenly watched trade, said bankers.
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Two Scandinavian technology IPOs are gaining traction among investors after launching last week.
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Sydbank is preparing to sell its first additional tier one bond in the euro market, complementing plans to optimise its capital structure via share buy-backs.
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The Danish Financial Supervisory Authority (FSA) has raised Danske Bank’s capital requirements by Dkr5bn ($810m) after concluding that the bank’s management has not done enough to combat money laundering at its Estonian branch.
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Raiffeisen-Landesbank Steiermark is expected to open order books on Thursday for a €500m 15 year Austrian Pfandbrief, LBBW is planning a UK roadshow with a sterling Pfandbrief in mind and Aktia Bank has announced plans for a euro covered bond roadshow.
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This week's scorecard looks at the progress Nordic agencies have made in their funding programmes.
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A flattening and rising US Treasury yield curve may be sparking concerns of a slowdown for the US economy but it is having the opposite effect on the short end of the dollar market for public sector borrowers, writes Craig McGlashan.
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Kommunalbanken could potentially visit the green bond market before the summer, helping to fund a growing green lending programme. It is also likely to follow up with another conventional benchmark issue after the break.
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Kommunalbanken priced a three year dollar benchmark flat to its secondary market curve on Wednesday, picking up $1bn at a punchy spread.
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Kommunalbanken has circulated initial price thoughts of 5bp area over mid-swaps for a no-grow $1bn three year benchmark, a level that bankers away from the trade said was 'well priced'.
