Swedish Export Credit Corporation

Private placements could soon step into the breach left by a dearth of deals in the public markets, as issuers and investors dust off their structured note manuals and eye up deals that had fallen by the wayside in recent years.

Swedish Export Credit Corporation (SEK) sold Swiss franc debt for the first time since 2010 on Wednesday, extending its curve in the currency with 10 year bonds. The deal was price flat to the issuer’s outstanding paper despite less than ideal market conditions.

The failure of this week’s floating rate notes from SEK and Eurofima confirmed the reluctance of dollar investors to commit to a market beset by concerns about the outlook on rates, bankers told SSA Markets on Wednesday. FRNs are usually immune to rate considerations, but not this time, they said.

Österreichische Kontrollbank (ÖKB) sold its first benchmark of the year on Tuesday, a five year dollar global. The oversubscribed deal drew healthy demand, particularly from central banks, and was priced 5bp inside of where initial price thoughts were offered on Monday. Swedish Export Credit Corporation (SEK) was also active in dollars, selling a three year deal. Leads on both deals said that demand was stimulated by volatility in rates encouraging investors to look at shorter maturities.

Österreichische Kontrollbank (ÖKB) mandated banks for its first benchmark dollar deal of the year on Monday, a five year global. Swedish Export Credit Corporation (SEK) has also announced a dollar benchmark, mandating banks for a three year deal. Both trades are expected to be priced on Tuesday.

The International Finance Corporation could be back with another green benchmark as soon as July, SSA Markets understands.

Österreichische Kontrollbank (ÖKB) mandated banks for its first benchmark dollar deal of the year on Monday, a five year global. Swedish Export Credit Corporation (SEK) has also announced a dollar benchmark, mandating banks for a three year deal. Both trades are expected to be priced on Tuesday.

Swedish Export Credit Corporation is likely to follow a highly successful dollar global sold on Wednesday with a second benchmark this year, SSA Markets understands. The issuer is looking to increase the amount of funding it does through benchmarks because it expects regulation to make structured funding less attractive.

Swedish Export Credit Corporation (SEK) priced a five year dollar global at the tight end of guidance and in a size larger than originally planned on Wednesday afternoon, a day after Rentenbank had to increase a global of the same tenor to the maximum possible size to accommodate strong central bank demand.

Swedish Export Credit Corporation (SEK) mandated four banks to run a five year global issue on Tuesday afternoon, while Rentenbank hit the upper limit of its size target with its first dollar benchmark of the year.

Rentenbank mandated for its first benchmark trade of 2013 on Monday afternoon, opting for a five year dollar global. The deal is likely to benefit from a lack of competing supply from major SSA issuers, according to bankers away from the trade. Svenska Exportkredit is also thought to be considering a five year dollar bond.

Local currencies are set to form a greater part of Swedish Export Credit Corporation’s funding next year. Its clients, Swedish companies, are increasingly looking to fund in new currencies as international demand for their products rises.