Sweden
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The socially responsible investment market for public sector bond issuers is shaping up for another busy year, with one agency planning a debut print in the next few months. -
As many as eight covered bonds were launched across three currencies this week, the vaguely discernible pattern suggesting better interest for the larger deals with intermediate maturities and particularly those from non-eurozone issuers where liquidity is most likely to be better.
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Public sector borrowers tore $10bn of funding from the dollar market on Tuesday, shaving several basis points from initial price thoughts in the process. Only one benchmark is on screens for Wednesday, but SSA bankers expect next week’s run-up to the inauguration of Donald Trump as US president on January 20 will be — in Trump terminology — “huge”.
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Tuesday’s dollar market is set to be packed to the rafters, with a quartet of issuers out with trades and most of the focus at the five year part of the curve.
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Swedbank and Swedish Covered Bond Corporation rapidly attracted solid oversubscriptions for their €1bn five and seven year covered bonds that were priced with a minimal concession on Monday.
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The Swedish Covered Bond Corporation mandated leads for a euro covered bond benchmark as market participants prepare for another hectic week, following a substantial curve steepening this week.
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Volvo Cars, the Swedish car company owned by Zhejiang Geely Holding of China, has raised Skr5bn ($530m) in a private placement of preference shares, which might be converted to listed shares if Volvo completes an IPO.
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Nasdaq Clearing and Nasdaq Stockholm have both received fines after an investigation in Sweden found risk management and cyber security flaws.
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The leveraged finance market should not view direct lending as competition but instead as a complementary funding source, said a direct lending official speaking at the Euromoney Nordic high yield conference in Stockholm this week.
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Högkullen, the Swedish social housing company, has cancelled its Stockholm IPO after receiving a bid from Samhällsbyggnadsbolaget (SBB).
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The busy equity block trade action in Europe since the US election has continued into its third week, though market participants are beginning to brace for the outcome of the Italian referendum on Sunday.
