Swedish Export Credit Corporation

This week's scorecard features Scandinavian agencies. Most of the issuers have completed half of their funding requirement.

Longer than normal floating rate notes and currency plays could provide a large part of the private placement landscape over the coming months, funding officials and dealers said this week, in the wake of the European Central Bank’s decision to lower interest rates.

The European Investment Bank hired a trio of banks to run a three year global as Swedish Export Credit Corporation priced a deal that was more than twice subscribed on Tuesday, at a level that was through its curve according to leads.

Swedish Export Credit Corporation (SEK) mandated banks on Monday for a new dollar benchmark, which could precede a spree of deals in the currency as the basis swap into euros becomes more attractive for European agencies.

This week's scorecard features Scandinavian supranationals and agencies, with Nordic Investment Bank completing over half of its funding for the year and Kommunalbanken edging towards the halfway mark.

Kommuninvest mandated for its first dollar benchmark since October 2013 on Monday, a three year deal. Several other Scandinavian issuers are looking at dollar deals according to syndicate bankers, including the Nordic Investment Bank and Swedish Export Credit Corporation (SEK).

Syndicate bankers are preparing for a busy week in dollars following the Presidents’ Day holiday in the US on Monday. KfW is expected to mandate for a three year deal on Tuesday and several other agencies are set to follow.

Sterling’s strong start to the year showed no sign of letting up on Tuesday as the European Investment Bank and Swedish Export Credit Corporation raised £750m between them. The strong flow could be a fixture of the year, with some issuers that returned to the currency in January already mulling more deals.

This week's scorecard features Scandinavian agencies, with Kommunalbanken and Municipality Finance getting their funding programmes off to a strong start over January. Next week's scorecard will provide updates on CEE sovereigns' funding.

Top rated issuers with two-way credit support annexes could find a competitive advantage in the growing Uridashi market in the new year, with the agreements useful for printing highly structured notes that can entice yield hunting investors up the credit curve.

This week's scorecard features Scandinavian agencies. Most of the issuers have completed their funding targets for the year, though Kommunalbanken, Municipality Finance and Swedish Export Credit Corporation have all expressed interest in prefunding for 2014.

Swedish Export Credit Corporation returned to euros for the first time since 2009 on Wednesday, but sluggish investor demand meant that the book failed to reach €1bn even with pricing at the wide end of initial price thoughts. It is the third euro benchmark this week to fail to cross the line.