Sweden

Nordic telecoms company TeliaSonera has signed a €1.5bn five year credit facility with thirteen banks, refinancing a seven year deal signed in 2010.

Stadshypotek attracted a wealth of demand on Monday for its first covered bond backed by Finnish mortgages, and priced the deal much tighter than initially indicated with few investors falling out.

Shares in Internationella Engelska Skolan, a leading Swedish international school operator, traded as much as 44% above their initial price on Thursday morning after the company completed its $70m IPO on the Nasdaq Stockholm.

Stadshypotek attracted a robust following for its first covered bond backed by Finnish assets, and even though the final spread was much tighter than leads initially indicated, few investors fell out.

Public sector borrowers hit screens with dollar deals on Monday that are in keeping with a market that has been very much focused on the short end of the curve over the last few weeks.

An average of about three covered bonds a week are expected between the start of the fourth quarter and the end of November, but with German holidays, blackout periods and elections, the two month funding window is thick with the risk of disruption.

Swedish bank Stadshypotek has mandated leads for its first covered bond backed by Finnish assets. As the bonds are regulated under Swedish law, they should offer a small spread over Finnish legal framework deals which are eligible for the ECB's covered bond purchase programme (CBPP3).

Swedish banks may have to pay more than their European peers to issue Additional Tier One (AT1) and Tier Two bonds, after the country’s government included plans to tax the securities in its 2017 budget.

Tobacco product manufacturer Swedish Match stepped into the euro corporate bond market on Wednesday to cut its financing costs.

Arvid Svensson Invest has sold a 9.5% stake in Klövern, the Swedish real estate company, for Skr880m ($104m), via an accelerated book-build launched on Thursday evening.

Guarantor: Certain Swedish county councils and municipalities

The dollar market enjoyed another strong week with a group of issuers printing, but borrowers are looking ahead to a new wave of interest from bank treasuries in Asia — and some are reporting that the demand has already arrived.