Sweden

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.

A trio of public sector borrowers are set to spray the short end of the dollar curve with deals on Wednesday, including one making its first visit in over two years, as markets priced in an ever decreasing chance of a rate rise at the next US Federal Open Market Committee meeting later this month.

Demand for the €500m bond from Swedish property owner Hemso Fastighets on Tuesday confirmed Nordic momentum in the corporate market.

After another week of a super solid dollar market, public sector bankers are starting to refer to the currency as “darling” — and all the signs suggest that the relationship is set for an extended honeymoon.

Rating: Aaa/AAA/AAA

Five banks raised more than $10bn in the senior unsecured dollar market this week, exploiting strong demand and at spreads that were in line with where covered bonds would have priced.