Sweden

Oatly, the Swedish company that makes oat milk, has signed a Skr1.925bn (€184m) club loan, on which the pricing can be adjusted if it hits sustainability targets.

European banks jumped into the US dollar market this week, with some issuers clocking up huge savings in the currency versus what their home markets could offer.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, June 22. The source for secondary trading levels is ICE Data Services.

Kommuninvest has lowered its funding target for 2020 because of a smaller than expected need for lending after the initial shock of the Covid-19 crisis.

Region Stockholm brought social impact bonds into the mainstream European capital markets this week, with a transaction aimed at preventing people from developing diabetes. With healthcare financing top of the agenda in capital markets because of Covid-19, the deal raises the prospect that other issuers could turn to outcome-based financing. Frank Jackman and Jon Hay report.

Region Stockholm printed a health impact bond on Tuesday. It is an example of a social impact bond. Unlike a vanilla social bond, the repayment and interest on the bond are directly linked to the success of the funded health project.

Kinnevik, the Swedish investment company, sold a 4.4% stake in German e-commerce company Zalando on Monday night with investors pouring into the trade after the US Federal Reserve boosted secondary markets.

The New Development Bank and Kommuninvest began marketing new dollar benchmarks in the short end of the curve on Monday, with the former set to issue its long-awaited debut deal in the currency to support its member countries from the coronavirus pandemic.

This week's scorecard looks at the progress Nordic agencies have made in their 2020 funding programmes in June.

The Swedish debt office has provided further details of its planned inaugural green bond, announcing the framework, size and month of its issue.

Covered bond investors wasted little time in placing big orders on Tuesday for the largest ever green deal issued in Swedish kronor — a five year floating rate transaction secured on energy efficient mortgages from Sparebank 1 Boligkreditt (Spabol). At the same time, Credit Mutuel Arkéa issued a long 10 year with blow-out demand, reflecting a material concern that covered bond supply, net of central bank purchases and redemptions, will be deeply negative this year.

The recent maturity of a large Nokkie line released NOK9bn ($904.5m) into the market last week, with some foreign investors eager to reinvest in attractive short end paper.