Sweden

Sweden published a study on Tuesday of the advantages and disadvantages of joining the EU’s Banking Union, highlighting the risk of becoming politically marginalised if it remains outside of the arrangements.

Swedish Export Credit Corporation has grabbed $500m of four year paper in what will almost certainly be the last SSA syndication of 2019.

Swedish Export Credit Corporation appointed banks on Wednesday for the first syndicated public sector dollar bond since mid-November.

A number of untested European companies have made their entrance to the international high yield bond market in the past two weeks as central banks fuel conditions that pamper repeat and new issuers alike, while driving investors into ever riskier assets in a hunt for yield. Karoliina Liimatainen reports.

Swedish heating and ventilation service provider Assemblin is braving the euro-denominated high yield market for the first time with €250m bond issue, used for refinancing and dividends. Exceptionally favourable conditions lured Triton-backed Assemblin to try its hand with international investors.

Guarantor: Swedish local government members

A pair of public sector borrowers hit the dollar market this week, pulling off strong deals at three and five years. Both enjoyed a clear field as euro-based borrowers stuck to their home currency thanks to an unpalatable basis swap rate.

The Swedish Export Credit Corp printed a $1.25bn three year global benchmark bond on Wednesday, tightening the spread to land flat to its curve and aided by a favourable move in swap spreads.

This week's scorecard looks at the progress Nordic agencies have made in their funding programmes at the start of November. Some of the issuers have also set their funding targets for 2020.

Skandinaviska Enskilda Banken (SEB) refrained from pushing into record territory with the coupon on its new dollar-denominated AT1 on Tuesday, as European banks begin testing new lows for yields in the asset class.

LBBW had enough support from investors to price a new additional tier one (AT1) with hardly any new issue premium on Monday, having been pushed into entering the asset class for the first time as a result of recent changes to the rules on bank capital in Europe.

This week's funding scorecard looks at the progress European sovereigns have made in their funding programmes as we approach the end of October.