SEB reopened the AT1 market on Thursday of last week (6 November), pricing a debut $1.1bn (Eu883m, Skr8.17bn) perpetual non-call 5.5 issue with a coupon of 5.75% in the first European bank AT1 supply since a deal for fellow Swede Nordea on 17 September.

Sweden’s Stadshypotek set a new post-crisis tight for non-Eurozone seven year covered bonds with a Eu1.25bn issue at 2bp through mid-swaps on Monday, and an official at the issuer said the result was encouraging, even if technicals – in the shape of CBPP3 – are in his eyes outweighing credit quality in relative pricing.

Skandinaviska Enskilda Banken (SEB) is expected to launch its first Additional Tier 1 (AT1) issue shortly, in the US dollar market, after having begun a roadshow on Monday.