Nordics

Swedish Export Credit Corporation was set to price a $1bn no-grow three year global benchmark as GlobalCapital went to press on Wednesday, as the last bits of dollar supply came before an expected shutdown next week for the US mid-term elections.

Österreichische Kontrollbank and Erste Abwicklungsanstalt priced well received dollar deals on Tuesday. The pipeline in the currency is building with Bank Nederlanse Gementeen and Swedish Export Credit Corporation having lined up three year trades.

KfW received a final book of over €12bn for a five year euro benchmark on Tuesday, while the City of Hamburg closed out its funding for the year with its longest outstanding bond. Finnvera will add to the euro SSA supply this week, after mandating banks for a short 10 year that is likely to be its final syndication of the year.

OP Financial Group has laid out details of how it will use bond proceeds for green projects and businesses. FIG deals with a sustainable flavour have generally been well received this month, but not all of them have succeeded.

Sweden's borrowing needs will rise in 2020 for the first time in five years due to an expected government budget deficit, the country’s debt office said on Thursday. To fund its increased financing needs, the sovereign will issue more local currency government bonds and money market instruments.

Denmark’s TDC will use the proceeds of its Get AS sale to slash its debts, with the telecoms company planning to repay $2.3bn-equivalent of loans by the end of this year.

Nordic and Eastern European telecoms group Tele2 is planning to fund its acquisition of peer Com Hem with its first bond in euros, as borrowers return from earnings blackouts leading to more activity in the primary markets.

Swedish Covered Bond Corp (SCBC) had a tough time on Tuesday attracting a convincing order book for its fourth covered bond of the year, possibly reflecting difficult market conditions, its frequency of issuance and the tenor of its deal. In contrast, Crédit Mutuel Arkéa managed to quickly pull in demand for a shorter deal.

Investors were in defensive mode in the dollar market this week as they snapped up short dated trades and floating rate notes, with demand particularly heavy from central banks and official institutions. Bankers are hopeful that benchmark supply will return next week.

Public sector borrowers could bring dollar benchmarks next week ahead of the limited funding windows of November. Floating rate issuance was the main play in the sector this week, with Municipality Finance falling just short of full subscription as it brought the latest in the format on Thursday.

Rostin Behnam, a commissioner at the US Commodity Futures Trading Commission (CFTC) flagged potential issues in the governance and risk management of clearing houses (CCPs) on Tuesday.

Kommuninvest has hit its lowest BondMarker score of the year so far with a trade that drew an average rating of 6.53 from voters. The $1bn November 2021 on October 2, the only benchmark priced in the week commencing October 1, scored particularly lowly for pricing, on 6.06.