Sweden

European banks are running out of ways of selling senior bonds at positive yields. A near-miss from Svenska Handelsbanken this week was enough to convince the market that it’s only a matter of time before an issuer breaks the 0% barrier, write Tyler Davies and Frank Jackman.

Shares in Nordnet rose in the aftermarket after the digital bank began trading on Nasdaq Stockholm on Wednesday, following its Skr9bn (€885m) IPO.

Swedish property company Fastighets AB Balder has tapped the equity capital markets for financing, selling Skr9.44bn (€288m) of fresh stock.

The IPO of Nordnet, the Swedish digital bank and investment management platform, is due to be priced at Skr96, the midpoint of the initial range, when bookbuilding ends on Monday.

Kommuninvest and the Kingdom of Sweden both took to the market this week, pulling off successful trades in a buoyant market.

Sweden set out on Friday how it will apply the EU’s latest capital rules to its banks. Market participants highlighted that the planned changes would give issuers less headroom over the coupon cancellation threshold for their additional tier ones (AT1s).

Stadshypotek on Tuesday became the first Swedish bank to issue a euro benchmark covered bond this year, with its first euro deal secured on Norwegian mortgages. The bond was priced at the tightest spread for any covered bond issued outside the eurozone since May 2019.

Diaverum, the Swedish operator of kidney dialysis clinics, has launched an IPO on the Nasdaq Stockholm.

Swedish digital bank Nordnet has set a price range for its IPO on Nasdaq Stockholm, following a constructive investor education process.

The Kingdom of Sweden will come to market on Wednesday for a new 25 year Swedish krona benchmark, coming on the heels of a green bond from the City of Gothenburg.

The Swedish Financial Supervisory Authority (FSA) said on Wednesday that it would be "reasonable" for some profitable banks to go back to paying dividends from next year, so long as the economy recovers from pandemic restrictions.

Swedish fintech company Nordnet is preparing to test investor sentiment towards European IPOs following the US election, having announced its intention to float on Nasdaq Stockholm.