Sweden
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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.
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With the demand for green loans from its members increasing, Kommuninvest printed its tenth green transaction this week, raising Skr5bn ($520m). Despite the increased demand for green loans, Kommuninvest is yet to proceed with its euro green debut.
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SEB offered investors a negative new issue premium with its preferred senior deal on Monday. With conditions consistently improving for European issuers, this deal has shown that the market is ripe for issuance in the format.
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This week's scorecard looks at the progress Nordic agencies have made in their 2020 funding programmes in early May.
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Equinor, the petroleum refining company, sold the last of its shares in oil and gas exploration firm Lundin Energy in a Skr3.3bn ($335m) block trade on Tuesday evening.
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SBAB Bank found plenty of room to tighten the pricing on a new preferred senior deal in euros on Wednesday, after investors welcomed the trade’s green credentials.
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The Danish Financial Services Authority is softening its application of the minimum requirements for own funds and eligible liabilities (MREL) amid Covid-19, meaning the country’s largest banks could end up issuing half as much senior debt this year as might have been expected.
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Swedbank was paying less than fair value for a new euro senior deal on Friday, according to market participants, with the bank raising funding a day after publishing its first quarter results.
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A slide in euro and dollar MTN volumes has given Scandinavian banks the chance to propel themselves up the MTN leader board.
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SEB is creating a new sustainable finance unit to broaden its offering across the whole bank, and is building a team including country heads — the first of which is Lars Eibeholm, who will join the bank from the Nordic Investment Bank in the summer.
