Swedbank
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Swiss franc bond investors take lower interest rates in their stride as hunt for duration continues
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Swedish issuer bags largest ever print in single currency with first syndication of 2024
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◆ Swedish lender prints $650m Reg S deal well inside fair value estimates ◆ Jyske prices largest ever AT1 deal ◆ Lower volume of Nordic capital supply and benign market conditions act as tailwinds
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◆ Four deals attract €12bn of demand ◆ JPM resuscitates Reverse Yankee bank sales after five-month hiatus ◆ Bank of Ireland scores largest oversubscription and pays lowest premium
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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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Swedish firms scores substantial 20bp-30bp saving versus euros
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Investors show preference for paper with rarity value paying a premium
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More foreign banks are preparing to issue in Japan as local investors show strong appetite
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Investors were eager to take down sterling paper from foreign and domestic issuers across the capital structure
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Merger with Íslandsbanki dominates investor discussions, but seen as credit positive
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Wednesday’s deals were 'copycats' of those from peers the day before
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Name recognition and two year absence fuelled demand for the unrated corporate
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Weaker market no bar to riskiest capital for Swedish lender as DNB and LF Bank raise subordinated debt
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Swedish property developer aims to strengthen its balance sheet without using expensive debt
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With investors expected to absorb more than €4.5bn of supply on Wednesday, issuance in the first week of January will top €15bn
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Sweden’s regulator wants local banks to raise more subordinated debt next year
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Market absorbed heavy Gilt issuance and a slew of supra, agency and FIG deals
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Swedish lender's £400m subordinated sale follows wider £1bn offerings from UK national champions Barclays and HSBC
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Eurozone periphery names set to provide the market’s next test
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Foreign banks lead high-grade financial issuance in the US either side of inflation-inspired sell-off
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Green bonds enhance euro market’s pricing advantage
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'Spread hungry' investors eager to buy undersupplied bank capital market
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Debut hits price target in rare Baltic corporate issue
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Undersupplied five year point the ‘sweet spot’ for covered deals
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Issuance heats up life as European banks scoop over €5bn from market
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Innovative market turns to supply chains, biodiversity and asset-heavy companies
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The life and retirement business of American International Group (AIG) made its bond market debut on Thursday as the dollar market regained its swagger
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Swedish agency sees strong demand for its long postponed transaction
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Range of trades on offer including rare floater and much delayed green euro debut
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Borrowers push hard against mid-swaps amid chunky Bund spreads
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Danske and Swedbank pay low double digit premiums for five year bond sales
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Swedish gaming conglomerate issues shares for acquisition of French board game firm
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A rise in rates is helping high quality names push credit spreads even lower
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Investors are happy to accept tight spreads in exchange for safer exposures
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Mandates line up as autumn issuance window bursts open
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The Finnish bank is bearing down on the previous record low coupon set by UBS
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Investment grade corporate debt market revs up for risk as subordinated trades mark first supply in a fortnight
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Swedish firms flock to MTN market in search of covered and senior funding
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European banks are pushing record low pricing in the dollar additional tier one market
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Swedish krona issuance is set to pick up after Region Stockholm jump started the post-summer market this week
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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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The sterling market has started June in the same way it finished May: busy. But investors are clearly stating a preference for yield, with demand for tier twos far outstripping the interest in senior unsecured deals.
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Swedbank was looking to price its first sterling green bond on Tuesday, as foreign funders find plenty of reasons to diversify into the currency.
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A trio of senior borrowers paid minimal new issue premiums in euros this week as Swedbank and AIB Group tapped a sweet spot of demand for bail-inable debt, while Macquarie got attractive pricing compared to its dollar curve.
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Macquarie shed over a third of its order book on Wednesday as it priced its third euro deal in 18 months at what was deemed a “very tight” level. It was joined in the senior market by Swedbank, which was issuing its first callable non-preferred bond.
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The financial institutions bond market in euros was on hold on Tuesday, as European issuers saw no reason to rush into doing deals while global equities were selling off and interest rates were being buffeted by expectations of inflation.
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Allied Irish Banks (AIB) sold its sophomore green bond on Monday, printing €750m of senior paper at a spread flat to fair value and close its Irish peers.