Sweden

A $120.6m borrowing to support an acquisition by Indian company Tata AutoComp Systems was signed this week, with 16 lenders joining the two mandated lead arrangers and bookrunners.

Crédit Agricole issued one of three euro benchmark covered bonds this week, attracting demand that topped the combined interest seen in deals issued by Swedbank and HVB.

Sweden’s Hoist Kredit could test the euro market for a new tier two offering in the coming weeks, as it aims to improve its capital structure through a number of capital markets transactions.

Swedbank took advantage of strong market conditions to issue its second covered bond of the year which was priced with a negligible concession and extended its curve.

Market participants were unimpressed by the European Union's effort at the long end, but the week's other benchmarks fared better.

Swedish Export Credit Corporation (SEK) has returned to sterling for a tap of a December 2020 line, as investors’ confidence in the currency grows.

Two European IPOs reached conclusions on Friday, March 31. That of Ambea was heavily oversubscribed, while UniEuro's had to be shrunk and restructured to get it over the line.

Issuer Rating: Baa1/A-

Donald Trump’s presidency may be the most unknown commodity to hit markets since ancient alchemists started hawking something called 'bronze' to befuddled cavemen, but his stone-age political manoeuvring has smoothed the future path of public sector borrowing.

Rating: Aaa/AAA/AAA

Telia and Tennet broke 2017’s euro corporate hybrid fast by bringing trades within a day of each other. Bankers said investors will have the chance to gorge themselves as plenty more issuers are lining up after the success of this week’s deals.

The super strong bid for public sector dollar paper shows no signs of letting up, with Sweden this week printing the tightest deal to mid-swaps of 2017 — despite the large volume of paper already printed this year.