Svenska Handelsbanken
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Swedish banks were circling the euro market this week as preferred senior bond valuations touched on historic lows. SBAB Bank, Länsförsäkringar Bank (LF Bank) and Svenska Handelsbanken were all looking at new deals. -
Fastighets AB Balder, the Swedish property manager, began roadshowing for a €350m hybrid bond in euros and Swedish kronor on Tuesday. It may become the second Nordic borrower to issue in an otherwise quiet euro high yield market during the summer break.
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Two deals were priced this week in the European corporate bond market, and next week already looks busier. With a roadshow under way and four others coming up, the window before September’s European Central Bank meeting looks full.
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European corporate bond investors had only had one corporate bond deal to consider in August before LafargeHolcim brought its €750m 12 year deal on Tuesday. But that lean period looks to be over as ISS Global followed with a €600m 10 year transaction on Wednesday.
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Handelsbanken has hired Nils Colldahl for its DCM team, as part of the bank's expansion of euro-denominated bond origination.
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Swedbank launched a new five year on the back of ‘extraordinarily tight’ secondary levels on Friday, taking advantage of strong dynamics in the preferred senior market and a remarkable year for Swedish debt.
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Banks hit the market with a host of very tightly priced preferred senior deals this week, and a growing pipeline suggested the trend in issuance was only set to continue.
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The Swedish National Debt Office (SNDO) promoted non-preferred debt as a way for Swedish banks to meet the minimum requirement for own funds and eligible liabilities (MREL) on Thursday, establishing a favourable method for calculating the requirement and a manageable timeline for its implementation.
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Svenska Handelsbanken built a solid order book for a tightly priced senior bond on Monday, suggesting there is still appetite for the asset class as spreads tighter.
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Fewer investors than is normal bought Stadshypotek’s seven year covered bond on Tuesday. However, although the deal had virtually no new issue concession, it was nevertheless well subscribed.
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Swedbank and Swedish Covered Bond Corporation rapidly attracted solid oversubscriptions for their €1bn five and seven year covered bonds that were priced with a minimal concession on Monday.
