SEB

The recent maturity of a large Nokkie line released NOK9bn ($904.5m) into the market last week, with some foreign investors eager to reinvest in attractive short end paper.

Belgium took advantage of more attractive funding conditions in dollars versus euros and strong demand at the 10 year point of the curve to sell its first dollar bond since 2017 on Tuesday. SSA supply in dollars will continue on Wednesday with the Asian Infrastructure Investment Bank and Nederlandse Waterschapsbank bringing socially responsible deals.

Norway’s debut syndicated tap went off with a bang on Tuesday, attracting a bumper Nkr37bn ($3.7bn) order book. The deal’s success was driven in part by increased demand from foreign investors for Norwegian govvies.

High grade corporates poured into the primary market on Monday, with sentiment noticeably higher as the first trial for a Covid-19 vaccine in the US and easing of lockdown restrictions in Europe cheered markets.

The Kingdom of Norway is set to sell its first ever syndicated tap. The sovereign hit screens on Monday with initial price thoughts for the reopening of a 10 year Norwegian krone bond.

JP Morgan, the leading SSA bookrunner over the last five years, is clinging onto pole position for 2020, despite a mighty effort from Citi, which has topped the rankings since the Covid-19 pandemic began disrupting markets in earnest. But it is a far different picture in SSA MTNs with Scandinavians surging to the top, thanks to a growth in niche currency supply.

Rating: Aa3/AA-/AA-

Credit Suisse has become the first Swiss bank to issue a green bond in the euro market, and has also marketed a rare floating rate note. The trades were testament to improving market conditions and the ability for strong names to sell less common products.

SEB offered investors a negative new issue premium with its preferred senior deal on Monday. With conditions consistently improving for European issuers, this deal has shown that the market is ripe for issuance in the format.

Swedish airline SAS has signed a Sk3.3bn ($336m) revolving credit facility backed by the Swedish and Danish states, as state support for airlines gets approval across Europe.

Rabobank exercised a call option on one of its outstanding additional tier ones this week, with market participants expecting redemption to become the rule rather than the exception during the coronavirus crisis.

A slide in euro and dollar MTN volumes has given Scandinavian banks the chance to propel themselves up the MTN leader board.