Nordea Bank Finland drew over Eu4.25bn of demand for a dual-tranche, 5.25 and 12 year, deal on Tuesday that, at Eu2bn, is the largest covered bond issue since November and the first dual-tranche benchmark to have both tranches pricing through swaps.

Nordea launched its second Additional Tier 1 issuance yesterday (Thursday), a multi-currency three tranche package including $500m, Skr2.25bn and Nkr1.25bn pieces for an aggregate of Skr8.15bn (Eu882m) that achieved the joint lowest coupon for an AT1 benchmark.

Nykredit Realkredit sold Skr7bn (Eu758m, Dkr5.65bn) of July 2016 floating rate notes on Wednesday in spite of concerns over the possibility of investors having to pay issuers on FRNs if rates turn negative. Realkredit Danmark is meanwhile eyeing Norwegian krone and Swedish krona issuance.

Arion Bank on Tuesday sold the first public euro transaction from an Icelandic bank since the collapse of the country’s financial industry in 2008, a Eu300m (Ikr44.9bn) three year deal that Arion’s head of funding said met with encouraging real money demand.

Swedbank quickly followed up AT1 and senior unsecured deals with a Eu1bn seven year covered bond on Wednesday, the tightest post-crisis Nordic euro benchmark, and the issuer’s funding head said the prevailing low funding costs mean there is little incentive to hold off.