Svenska Handelsbanken
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◆ Deterioration in market sentiment but Handelsbanken prices close to fair value, and even inside by some estimates ◆ CRE exposures under microscope ◆ Strong earnings, comfortable capitalisation assure investors
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◆ Funding conditions become even more favourable following the FOMC's decision to stay pat ◆ Deal clears with slim concession of up to 5bp ◆ Good deal results and sentiment could lure Friday issuance
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◆ Second Swedish sub in a row to be priced with a spread below 200bp ◆ Market is strong but investors are price sensitive ◆ SEB pays higher NIP than Handelsbanken did
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◆ Sub sale sealed with single digit concession ◆ Strong demand paves way for more tier two trades to follow ◆ Proceeds could fund tier two call next year
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'Amazing' book swells beyond expectations
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◆ Improved tone lures local lenders in size ◆ Yankee arb possible again ◆ European trio steps up Yankee printing on Thursday
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The wave of capital increases by real estate companies pressured to repay debt has only begun, says banker
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After posting strong earnings, the Swedish bank issued big size into an even bigger book
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Non-European deals stay defensive in the short end, but Stadshypotek shows there is demand at five years
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Rights issue volumes have surged in Europe this week as bankers expect more activity
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Bankers expect more acquisition-related capital increases once volatility subsides
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The Swedish construction equipment seller launched the deal close to its deadline
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Attractive funding on offer as Swedish lender prints A$1bn
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Name recognition and two year absence fuelled demand for the unrated corporate
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Issuers are squeezing every last drop out of the buoyant primary FIG market with Nordic borrower bringing a deal on a Friday but widening suggests bigger NIPs coming
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Senior bond flies, notching tightest spread and concession for weeks
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Investor demand falls in favour of frequent and larger borrowers as issuance windows lurch open and shut
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BNP Paribas, Deutsche Bank and Svenska Handelsbanken attracted combined orders of more than €10bn
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Swedish bank surpasses expectations as it attracts £2bn of orders
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Deutsche Pfandbriefbank eschews tier two refi in favour of extension
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Scarcity value helped to propel the strong name to a double digit saving versus euros
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European banks finding pockets of demand in niche currencies
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Swedish borrower looking to print up to four tranches of preferred debt
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Bankers feel the market is open to national champions from across Europe
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A rise in rates is helping high quality names push credit spreads even lower
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Three large borrowers latched on to a stronger backdrop to raise €4.5bn of funding
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Handelsbanken has hired a former NIB CFO to run its sustainable finance team
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Euros offering a cheaper alternative for Nordic borrowers
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A handful of borrowers have found their additional tier one (AT1) paper upgraded into investment grade territory by Moody’s this week, following adjustments in how the agency treats high trigger instruments.
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Kungsleden, a Swedish commercial property owner, has signed a Skr2.9bn (€285m) credit facility linked to sustainability targets, as lenders’ varying approaches to key performance indicators on these types of deals are once again thrust into the spotlight.
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Sweden became the latest European sovereign to access the ultra-long end of the curve this week as it launched its first 50 year bond, opening up the long end of the krona curve for other highly rated names.
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Yankee borrowers found swift execution and deep liquidity as they peppered the dollar market this week, with ABN Amro and Svenska Handelsbanken each printing debut non-preferred senior trades in the currency.
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Sinch, the Swedish cloud-based communications services company, has raised Skr9.4bn (€926m) to fund M&A opportunities following an overnight share sale anchored by major investors.
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Landshypotek Bank sold a trio of covered bonds in the MTN market this week, including its largest single tranche deal since April last year.
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Danske Bank set a careful foot into the Reg S dollar additional tier one market this week, in the wake of a difficult trading session for global equities.
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Cloetta, the Swedish confectionery maker, has refinanced krona and euro bank debt while reducing its bank fees by halving its revolving credit facility.
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Italian asset manager Anima Holding sold €300m of senior debt against a quiet backdrop this week, having decided to target the popular seven year tenor.
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BPCE and Rabobank are in the market for Aussie dollar senior paper, with bankers expecting a busy April as a slew of financial issuers refinance maturing bonds.
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Svenska Handelsbanken returned to the Kangaroo market this week to print a five year preferred senior deal at a decade tight level, as the long-term absence of funding from the Aussie market's major domestic banks drives down senior spreads.
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Handelsbanken is set to return to the Australian dollar market for the first time in nearly two years this week, as Aussie dollar senior paper rallies thanks to the long term absence of funding from the market's major domestic banks.
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The financial institutions bond market had its Roger Bannister moment this week, as Deutsche Kreditbank broke the zero yield barrier for the first time. Now that a German borrower has lifted the negative yield taboo, bankers expect even deeper yielding deals could follow.
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Deutsche Kreditbank (DKB) has broken the zero yield barrier with its latest deal, a €500m five year green senior preferred bond issued on Monday.
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Société Générale dived into the euro market in search of preferred senior paper on Friday morning, just days after reporting its 2020 results, becoming the fourth bank to tap the seven year part of the curve in the last fortnight.
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CaixaBank found €3.7bn of demand for a green senior bond on Tuesday, as investors revealed their hunger for new paper. BayernLB could follow with a green deal of its own against the improving backdrop in euros.
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Svenska Handelsbanken has become the latest European bank to put out a call notice for one of its additional tier ones. Market participants are expecting a clean sweep of redemptions for the asset class this year.
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Huhtamaki, the Finnish food packaging company, has refinanced a €400m facility, with the borrower becoming the latest to add sustainability metrics to its main bank line as an EU ban on single-use plastics comes into force.
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After a remarkable year, GlobalCapital reflects on some of the most important stories in the bank finance and covered bond markets of 2020.