Sweden

Volumes are growing across the spectrum in the Scandinavian MTN markets, as issuers and bankers return from their summer holidays. Meanwhile, bankers are expecting Scandinavian investors to move further out along the credit curve in response to negative yields as dovish Nordic central bank tones could lead to a bullish Scandinavian market.

This week's scorecard looks at the progress Nordic agencies have made in their 2019 funding programmes.

Oriflame, a Swedish cosmetics company, attracted emerging markets accounts to its buyout bonds on Wednesday selling the dual tranche deal inside price guidance.

The Swedish cosmetics company Oriflame is attempting to charm high yield investors with a €775m bond — but left lead Goldman Sachs is also pitching the issue to emerging market-focused accounts, highlighting the company's extensive business in Asia and Turkey. The founding family of the firm will use the bond to refinance bridge facilities which funded their buyout of the company earlier this year.

The Swedish government has instructed the country’s national debt office to develop a green framework before issuance in the format by next year as part of its sustainable development strategy.

Swedish agency Kommuninvest has said that it will issue more green bonds than previously expected, alongside a rise in its funding needs for 2019.

This week's scorecard looks at the progress Nordic agencies have made at the end of June.

With the quarter’s end approaching and the G20 meeting starting on Friday, the primary market saw a busy period across all asset classes on Monday, as issuers rushed to frontload supply while Skandinaviska Enskilda Banken (SEB), Nykredit Realkredit and Société Générale lined up for deals in euros.

A trio of SSAs made the most of low yields in Danish kroner and Swedish kronor to print paper with coupons hovering around zero this week.

Skandinaviska Enskilda Banken did not have to pay a new issue premium amid favourable market conditions on Monday, after offering investors the chance to buy a new preferred senior bond.

Three Nordic banks and one British bank placed paper in Swedish krona this week. NatWest Markets made its debut in the currency, while Scandinavian-based Avida Finans printed its first AT1. Avida Finans plans to follow this debut AT1 with a future stock exchange listing.

Issuance in Swedish kronor picked up this week, with three corporate issuers placing Skr6.28bn ($667.9m) across four private placements, as issuers looked to get in ahead of the midsummer break. In euros, a Dutch and French agency both placed paper, while protests in Hong Kong caused yields to spike in offshore Chinese renminbi and Hong Kong dollars.