Swedbank
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Swedish krona issuance is set to pick up after Region Stockholm jump started the post-summer market this week -
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.
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The demand for sustainability-linked bonds was laid bare on Thursday, as French minerals company Imerys’s SLB commanded more than double the demand of Swedish property firm Sagax’s conventional trade, despite both deals sharing major similarities.
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Joules, the UK outdoor clothing company, has signed a £34m ESG-linked loan package, as European lenders throw more effort into making socially conscious borrowing attractive to smaller borrowers.
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Swedbank is trailing a data-driven approach to sustainable loan origination that uses technology to automatically generate sustainable lending opportunities.
