Nordics

The Swedish central bank (Riksbank) met on Wednesday amid speculation that it would announce an extension of its sovereign bond purchase programme to Swedish covered bonds, say analysts at Société Générale.

A eurozone agency is set to brave a dollar market that suffered volatility last week. And despite improved conditions, the issuer opted for a conservative maturity.

Akelius Residential Property, the Swedish property group, will begin a roadshow on Monday, September 7, for its first high yield bond in euros.

Sparebank 1 Boligkreditt adopted a cautious strategy when pricing its new seven year bond on Friday. The borrower offered a defensive high single digit new issue premium which bankers say has led to a repricing of its curve. Rival bankers said could have an affect on the Norwegian supply which is building in the pipeline. However, bankers on the deal said that the impact was minimal and that pricing was in line with other recent issues.

OP Mortgage Bank made a successful return to the covered bond market on Friday, taking advantage of improved market conditions to print a €1bn seven year soft bullet.

Covered bond bankers could soon be dealing with a new issuer if plans to separate the Norwegian business of SkandiaBanken AB go ahead. Moody’s has assigned a provisional Aaa rating for the new entity which will be known as Skandiabanken Boligkreditt AS.

Swedish Export Credit Corporation had to brave turbulent conditions on Friday to wrap up a flurry of dollar benchmarks from public sector issuers this week.

Pohjola Bank’s next capital markets issue will likely be a covered bond, meaning investors waiting for a euro tier two deal scheduled for June may have even longer to wait.

Danish covered bond auctions this week attracted strong demand, especially in the five year tenor where yields are double what is available in the eurozone.

TF Bank, a Swedish fintech business, is preparing the launch of its initial public offering on the Frankfurt Stock Exchange, and has appointed a bank to lead the deal.

Biotie Therapies raised €83.3m in the first half of the year from the issue of convertible notes and from an initial public offering in the US, the company said on Thursday.

Pohjola Bank’s next capital markets issue will likely be a covered bond, meaning investors waiting for a euro tier two deal scheduled for June may have longer to wait.