Swedish krona
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Smaller and lower tier bank issuers are enjoying extremely favourable funding conditions, with some able to choose between markets
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Investors were quick to take part, pledging Skr20bn after only 35 minutes of book building
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Issuance could include heavier focus on public sterling, Norwegian krone, Australian dollar and Swiss franc markets
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Sobi plans to repay debt from an acquisition through a non-underwritten rights issue
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Borrower to cast wide net after completing over half its annual funding task
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'Amazing' book swells beyond expectations
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Merger with Íslandsbanki dominates investor discussions, but seen as credit positive
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Nordic markets the perfect match for the bank's smaller needs
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Name recognition and two year absence fuelled demand for the unrated corporate
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Weaker market no bar to riskiest capital for Swedish lender as DNB and LF Bank raise subordinated debt
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Sweden’s local government funding agency predicts it will borrow Skr130bn-Skr150bn
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Deutsche Bahn set off weekly Swedish krona issuance with 18 year private placement
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Local investors are eager to buy covered bonds that pay floating rates
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Japanese auto maker updates MTN programme allowing it to access different investors in the Swedish and Norwegian markets
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Borrower finds demand for a tight opportunistic print
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Swedish gaming conglomerate issues shares for acquisition of French board game firm
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Exit from stake in the Nordic region's largest bank follows pressure from an activist hedge fund
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Niche debut lands inside dollar equivalent
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Nordic currency offered small pricing and size advantage
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Swedish krona issuance is set to pick up after Region Stockholm jump started the post-summer market this week
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Kommuninvest will come to market this week for a seven year Swedish krona green bond.
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Swedish debt purchaser Intrum sold a tap of its 4.875% 2025 unsecured notes on Wednesday, intending to use the funds to part-pay its revolving credit facility. With a strong backdrop, and plenty of RCF drawings still outstanding, the company increased the deal by €50m during syndication.
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Deutsche Bahn tapped the Kangaroo and Swedish kronor markets on Wednesday after having spent the first half of 2020 focused on the euro market.
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The International Development Association (IDA) has tapped the Swedish krona market for the first time as it prepares to increase its funding programme for the 2020-21 fiscal year.
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KfW brought another landmark transaction under its recently updated green bond framework on Tuesday with a Skr7bn (€654m) issue that marked its largest bond in the Swedish currency.
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The African Development Bank’s inaugural Norwegian krone bond, the first ever social bond in the Norwegian market, could pave the way for further social issuance in the sector.
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Kommuninvest built out its Swedish krona green curve benchmark this week with its longest dated bond in the format. There is, however, an expectation that this Skr3.5bn ($382.3m) five year green bond could be the curve’s furthest extent.
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The socially responsible investment market in SSAs is picking up pace in 2019, with a supranational bringing a deal in a debut format and other issuers preparing inaugural trades.
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Kommuninvest has increased its funding needs for the year, as it prepares for the final quarter.
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Tryg Forsikring, a Danish insurance firm, came to the market on Thursday with a restricted tier one (RT1) bond in Swedish kronor. The majority of RT1s issued since 2016 have been in Nordic currencies.
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KfW is taking steps to diversify its green bond issuance away from euros and dollars. Taking advantage of strong demand for sustainable investment in Sweden, it sold its largest ever green Swedish krona bond.
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Demand for SRI bonds and favourable basis swaps are boosting the Swedish krona market for SSAs, despite concerns late last year that the Swedish central bank’s tightening monetary policy and the krona’s appreciation against the dollar could stifle issuance. The European Investment Bank, Nordic Investment Bank and African Development Bank all came at the long end of the krona curve this week.
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A growing enthusiasm behind sustainable debt issuance has been adding to supply volumes in Swedish krona market in 2018, with the European Investment Bank tapping a Climate Awareness Bond this week.