SEB

Capital deals and a tight Nordic senior print point to what lies ahead for issuers

◆ Capital trade attracts investors for juicy return in tight market ◆ Slightly longer 11NC6 structure chosen for triple digit spread and 4%-plus yield ◆ Deal cleared at low single digit concession

Deal includes $1bn 3.75 year term loan

The German pharmaceutical wholesaler was upgraded to BBB- by S&P last month

◆ Belgian issuer tightened spread by 7bp ◆ Order book broke €2bn before closing at €1.9bn ◆ Deal offered a minimal new issue premium, a banker said

European bank trio pushes dollar AT1 volume well above the same period last year

◆ 'Real money' order book supports €1bn size ◆ 'Not much' delta between Nordic names, lead says ◆ Up to 5bp of concession

◆ Lender's first covered since September 2024 ◆ Deal was fixed at €500m and tightened by 5bp ◆ Banker said the trade offered 1bp of new issue premium

Dollar market shows first signs of life for global FIG issuance

HSBC and SEB opt for senior funding in dollars as Deutsche Bank turns to renminbi

◆ Deal sets new multi-year tight spread for a senior non-preferred euro bond ◆ Sale follows Nordea Bank's seven year senior preferred from last week ◆ Both issuers offer some new issue concession to compensate for low spreads

◆ Santander and SEB print sterling seniors ◆ 'Opportunistic window' for issuers ◆ Possible sign of busy sterling market next week