Sweden

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.

Exchange and tech group Nasdaq has made a $190m all cash offer to buy Cinnober, the Swedish Fintech company.

Swedish bank SEB has appointed a new head of large corporate coverage in the UK, luring a managing director from Santander.

Geely’s delay of the Volvo Cars IPO this week, in light of trade tensions between the US and China, will leave a large hole in this autumn’s pipeline.

Swedbank returned to the euro market for a new tier two bond on Tuesday, more than a year after setting a record tight for spreads in the asset class.

Nordic equity capital markets investors had several deals to look at on Tuesday night, with two deals contributing over €587m of issuance in Nordic ECM.

A day after Swedish bearings and seals manufacturer SKF announced a tender offer for its outstanding short dated bonds, it sold a €300m seven year bond to finance the buy-back.

Svenska Handelsbanken was in the market on Tuesday, setting final terms for €750m of tier two capital. It was the first bank to issue subordinated notes in euros since June.