Nordics

Skandinaviska Enskilda Banken AB (SEB) has priced its inaugural euro jumbo covered bond at 3bp over mid-swaps, at the tight end of the 4bp guidance. A final size of Eu1.5bn was decided on the three year deal after the bond attracted Eu4bn of orders.

Skandinaviska Enskilda Banken AB (SEB) has opened the books on its first euro covered bond, a three year jumbo with pricing set at 3bp over mid-swaps, the tight end of the 4bp guidance. The deal proved extremely popular with investors, gathering well in excess of Eu4bn of orders by midday.

Danske Bank has mandated BNP Paribas, Danske and HSBC to jointly arrange its Eu15bn covered bond programme and lead manage its inaugural euro benchmark. The programme promises to be the first under which covered bonds will be backed by residential mortgages from a variety of jurisdictions.

Moody’s has assigned a triple-A rating to the covered bonds to be issued from Nykredit Realkredit’s covered bond programme. Most of the bonds are secured on residential and commercial properties in Denmark, Sweden and Norway.

BN Boligkreditt is to launch its debut euro covered bond, backed by Norwegian residential mortgages, in the new year. The Norwegian issuer is keen to build a long-term presence in the covered bond market to diversify its funding base, but plans to adopt a measured approach.

SEB AB is looking beyond the turmoil in the market today as it lays the foundations for a long term presence in the euro market on its roadshow. Anders Kvist, head of group treasury at SEB, said that the Swedish issuer expects to issue one to two euro benchmarks a year and build a full curve.

Nordea Hypotek priced its Eu1.25bn three year Swedish covered bond at 2bp over mid-swaps this (Friday) morning, after leads Barclays, Natixis, Nordea and UniCredit closed books with just over Eu2bn of orders yesterday. The level of demand was seen by the issuer as supportive of its diversification strategy.

Demand for Nordea Hypotek’s three year new issue had reached Eu1.5bn by midday today (Thursday) after Barclays Capital, Natixis, Nordea and UniCredit opened books with guidance of the 2bp over mid-swaps area this morning. But the level of demand and the price that Nordea paid has led some market participants to ask why the issuer is visiting the euro market.

DnB Nor’s Eu1.5bn three year covered bond proved a hit with investors yesterday (Wednesday), attracting Eu3.8bn of orders in three hours, enabling the leads to tighten pricing from the 3bp area guidance to 2bp over mid-swaps.

DnB Nor Boligkreditt’s second ever covered bond, a three year deal, sold out quickly this (Wednesday) morning, in stark contrast to its five year debut in June, which hit the market just as it was turning south.

DnB Nor Boligkreditt is expected to launch a benchmark sized euro denominated covered bond this week, its second, having mandated Barclays Capital, SG CIB and UniCredit as lead managers.

Royal Bank of Canada (RBC) priced its debut Eu2bn five year covered bond at 10bp over mid-swaps this (Tuesday) morning, at the tight end of the 11bp over mid-swaps area guidance.