Nordics

Banks considering ‘tier three’ issuance will be buoyed by the recent performance of Nykredit’s senior resolution notes, which have already traded well and helped the bank attract a rating upgrade.

Rating: —/A/A

Nykredit Realkredit was marketing its second “senior resolution note” on Thursday, breaking a month’s hiatus in FIG supply.

Nykredit Realkredit was marketing its second “senior resolution note” on Thursday, breaking a month’s hiatus in FIG supply.

Swedbank has made a number of changes in its investment bank group as well as its large corporates and financial institutions (LC&I) division.

A pair of European agencies tapped euro lines today in a recovering but still cautious SSA market.

Regulations governing maximum loan to value (LTV) ratios on mortgage lending imposed by Finland’s Financial Supervisory Authority that take effect this month are positive, but they will have a limited impact on Finnish covered bonds.

Shares in BW Offshore, the Norwegian floating oil storage vessel owner and operator, have fallen 69% after its shares began trading ex-rights on Wednesday, ahead of its $100m rights issue.

Sandvik, one of the last Nordic borrowers to refinance as the regional holidays kick off, this week signed a Skr9bn-equivalent credit facility with two banks leaving the syndicate.

Swedish truck manufacturer Scania has refinanced a €1.25bn multicurrency revolving credit facility, as the pipeline of Nordic loan refinancings slow, according to a senior banker in the region.

Bank investors of Norwegian and Swedish covered bonds will be obliged to hold more capital against their investments from next week. Though this is likely to have implications for a considerable number of noteholders, the absolute change is small and is unlikely to affect demand, said analysts at Danske Bank research.

Kommuninvest is planning the largest ever green bond in Swedish kronor for Q3 2016, while the Nordic Investment Bank is also considering Nordic currencies for its green paper.