Sweden
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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.
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Sweden made a big noise in an otherwise quiet dollar market for public sector borrowers this week as it printed the tightest priced benchmark in the currency so far this year.
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Sweden is set to bring what could be the tightest SSA dollar benchmark of the year, as swap spreads in the currency moved back near their 2017 highs.
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Japanese investors on the hunt for European SSA credit drove a flurry of long dated Australian dollar deals on Wednesday.
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With just over three weeks to go until Easter, the latest wave of IPOs in EMEA is progressing well. One deal was priced on Tuesday and bookbuilds have begun for two more.
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Ambea, the Nordic healthcare provider, has announced the terms for its IPO on Nasdaq Stockholm, which could give it a valuation of up to Skr5.07bn (€530m).
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Skandinaviska Enskilda Banken (SEB) took advantage of buoyant market conditions that followed Wednesday’s US Federal Open Market Committee (FOMC) meeting, quickly attracting an oversubscribed order book for a dollar perpetual non-call five year additional tier one (AT1). At the same time, Caixa Geral mandated leads to roadshow a euro-denominated AT1.
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Rating: Baa3/—/BBB (Additional Tier 1)
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Svensk Exportkredit (SEK) hit screens for a sterling deal on Monday, raising £250m with a one day execution despite the announcement that the Scottish government will seek a second independence referendum.
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Covered bonds issued this week by Axa Bank and Lansforsakringar Hypotek (LF Hyp) were priced at — or inside — fair value, partly reflecting a technical squeeze that was aggravated by the European Central Bank’s move to step up purchases in the secondary market.
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