Swedbank

European Investment Bank has become the latest public sector issuer to tap demand in Norwegian kroner, after KfW made a return to the market this week with its first new line in the currency since January 2013.

Pohjola Bank’s next capital markets issue will likely be a covered bond, meaning investors waiting for a euro tier two deal scheduled for June may have even longer to wait.

Pohjola Bank changed direction to issue tier two debt in Swedish kronor on Tuesday, after being kept out of the euro market in the second quarter.

Swedbank’s sharp five year floater was the only FIG supply in euros this week, but bankers believe the market will only suffer a short summer drought before supply ramps up this month.