SBAB and Svenska Handelsbanken had their ratings affirmed by S&P yesterday (Wednesday), two months after the rating agency placed them on CreditWatch negative.

Moody’s upgraded commercial mortgage backed covered bonds issued by SpareBank 1 Næringskreditt from Aa3 to Aa2 yesterday (Wednesday), citing a strengthening of liquidity and capital support for the issuer.

Thomas Östros, managing director at the Swedish Bankers’ Association, spoke to Nordic FIs & Covered about the state of the Swedish banking sector, risks stemming from the NSFR, the potential for regulatory overreach, and more.

SEB made an opportunistic foray into the sterling market on Tuesday to launch a £300m (Skr3.08bn, Eu356m) seven year senior unsecured deal that is the longest dated Swedish sterling issue this year.

Skandiabanken has joined the ranks of Swedish covered bond issuers, having last week inaugurated a new covered bond programme with a Skr3.3bn (Eu381m) dual tranche FRN issue backed by a cover pool of Swedish residential mortgages.

Danske Bank sold Eu1bn (Dkr7.46bn) of Tier 2 notes on Tuesday, after last Wednesday having launched a tender offer for a Tier 2 instrument that had lost favourable equity treatment from Standard & Poor’s.

The European Covered Bond Council will soon take a final decision on adopting CRD compliance as a criterion for the Covered Bond Label, shortly after the issue proved contentious at a meeting last week.

A Lower Tier 2 transaction from DNB and a US dollar senior unsecured deal from Svenska Handelsbanken hit the market today (Thursday), with sentiment buoyed by a surprise decision against tapering by the Fed yesterday. Meanwhile, Aktia will roadshow for a senior transaction in euros.

Danske Bank has launched a cash tender offer for a $1bn (Eu748m, Dkr5.58bn) Tier 2 instrument it issued a year ago that lost favourable equity treatment by Standard & Poor’s in July, with uncertainty over the tax treatment of new instruments preventing the issuer from offering an exchange.

Skandinaviska Enskilda Banken (SEB) sold a Eu750m (Skr6.51bn) five-and-a-half year senior unsecured bond on Tuesday, taking advantage of an improvement in market conditions to launch an opportunistic trade, an official at the Swedish bank told Nordic FIs & Covered.