Nykredit is planning to cut ARMs auctions from four times to twice a year as part of an initiative aimed at offering fewer but larger lines of covered bonds to meet LCR Level 1B criteria that have affected pricing in the Danish market, where the latest auction season ended solidly.

Danske sold its longest benchmark senior unsecured bond on Wednesday, a Eu1bn seven year issue that attracted over Eu2.3bn of demand. It issuer also last week launched its first benchmark, syndicated Norwegian krone covered bond, as part of a planned Norwegian expansion.

SEB sold a €1bn senior unsecured FRN with an uncommon four year maturity on Wednesday, opting for this partly to tap a part of the curve vacated in light of upcoming TLTROs, according to SEB’s John Arne Wang, with eventual demand of over €1.3bn surpassing expectations.

Danish mortgage credit institutions have announced their plans for refinancing auctions to be held later this month, with Nykredit kicking off sales on 23 May, and floating rate bonds are in focus amid a trend away from one year ARMs.

Denmark’s Jyske Bank sold its first subordinated debt transaction in 10 years yesterday (Thursday), a SEK1bn (€108m, DKK801m) 10NC5 Tier 2 issue, opting for the Swedish krona market because of the flexibility it offers, according to the group’s head of debt IR and capital markets funding.

Länsförsäkringar Bank sold a SEK1bn (€108m) dual tranche five year senior unsecured bond on Wednesday, sensing an opportunity to tap into strong demand in an undersupplied market, according to the issuer’s head of long term funding, and is considering a debut public euro issue.

The Mortgage Society of Finland sold a debut, €250m five year covered bond on Monday, with demand of €850m surpassing expectations after the book built rapidly, according to the issuer’s head of funding. Fellow Finnish issuer OP sold a “blowout” €1.25bn seven year issue on Tuesday.