Sweden

Swedish Export Credit Corporation was set to price a $1bn no-grow three year global benchmark as GlobalCapital went to press on Wednesday, as the last bits of dollar supply came before an expected shutdown next week for the US mid-term elections.

Österreichische Kontrollbank and Erste Abwicklungsanstalt priced well received dollar deals on Tuesday. The pipeline in the currency is building with Bank Nederlanse Gementeen and Swedish Export Credit Corporation having lined up three year trades.

Sweden's borrowing needs will rise in 2020 for the first time in five years due to an expected government budget deficit, the country’s debt office said on Thursday. To fund its increased financing needs, the sovereign will issue more local currency government bonds and money market instruments.

Nordic and Eastern European telecoms group Tele2 is planning to fund its acquisition of peer Com Hem with its first bond in euros, as borrowers return from earnings blackouts leading to more activity in the primary markets.

Swedish Covered Bond Corp (SCBC) had a tough time on Tuesday attracting a convincing order book for its fourth covered bond of the year, possibly reflecting difficult market conditions, its frequency of issuance and the tenor of its deal. In contrast, Crédit Mutuel Arkéa managed to quickly pull in demand for a shorter deal.

Rostin Behnam, a commissioner at the US Commodity Futures Trading Commission (CFTC) flagged potential issues in the governance and risk management of clearing houses (CCPs) on Tuesday.

Kommuninvest has hit its lowest BondMarker score of the year so far with a trade that drew an average rating of 6.53 from voters. The $1bn November 2021 on October 2, the only benchmark priced in the week commencing October 1, scored particularly lowly for pricing, on 6.06.

A sharp sell-off in US Treasuries after the release of stronger than expected US economic data has changed the landscape for dollar issuance. Ten year benchmarks could be possible, although one product investors would normally welcome in a rising rate environment — floating rate notes — is unlikely to make a big comeback.

Guarantor: Swedish local government members

Kommuninvest was able to get more than enough demand for a rare three year dollar benchmark on Tuesday, despite the deal being priced at a level that onlooking SSA bankers said was flat to fair value.

Kommuninvest hit screens on Monday for the first dollar benchmark by a Nordic public sector borrower since August.

Kommuninvest has increased its funding needs for the year, as it prepares for the final quarter.