Swedish Export Credit Corporation

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.

Swedish Export Credit Corporation, which is set to price its first euro benchmark since 2009 on Wednesday, is hoping to become a more regular issuer of benchmarks in the currency if the pricing works. The issuer would like to fund its euro needs directly as the cost of swapping the proceeds from other currencies is going up.

Swedish Export Credit Corporation is close to pricing its first dollar denominated capital deal in 10 years on Tuesday afternoon, a subordinated tier two note. Leads were able to push pricing in on the trade, while also drawing strong demand for the rare structure.

Swedish Export Credit is expected to sell subordinated tier two debt on Tuesday, the first time it has conducted a capital issue in dollars since 2003.

This week's scorecard features Scandinavian agencies. Several issuers have completed or are near completing their funding targets for the year, and some are contemplating prefunding their 2014 needs before the end of the year.

Swedish Export Credit Corporation sold a trio of 30 year dollar callable zeros over the past three trading days, as investor interest in the product perked up after a quiet summer.