Norway’s Sandnes Sparebank Boligkreditt has obtained a first rating of its covered bonds, AA- from Fitch, and an official at the issuer told Nordic FIs & Covered that the rating was sought to boost investor confidence in the programme.

Norway’s Sparebanken Vest Boligkreditt priced its first benchmark euro covered bond in more than one-and-a-half years yesterday (Wednesday), a Eu500m no-grow five year deal that an official at the issuer said went “smoothly and swiftly” and bodes well for an envisaged increase in euro issuance.

Svenska Handelsbanken re-opened the FIG flow primary market after a summer lull with a strong Eu1.25bn seven year senior unsecured transaction on Monday, paving the way for a flurry of issuance from its Nordic peers.

Norway’s SpareBank 1 alliance has strengthened liquidity and capital support of its commercial mortgage covered bond issuer, SpareBank 1 Næringskreditt, in a move recognised by Moody’s and which the issuer hopes could yield pricing benefits.

Gjensidige Bank has become more strategically important to its parent, Norwegian insurance group Gjensidige, according to Standard & Poor’s, which upgraded the bank, subsidiary Gjensidige Bank Boligkreditt, and the latter’s covered bonds on Friday.

Norway’s SpareBank 1 Boligkreditt was one of four issuers to launch benchmark euro covered bonds this week despite market conditions remaining tricky after the recent turn in sentiment, while Aktia Bank has embarked upon a roadshow ahead of a debut in its new guise.

The International Monetary Fund has voiced its support for regulatory initiatives underway in Norway such as plans for higher risk weights for mortgages and closer scrutiny of covered bond issuance. Meanwhile, the Riksbank said Sweden’s banks need to be more resilient in the long run.

Covered bonds’ possible role in stoking house price inflation came under scrutiny at a covered bond investor conference in Frankfurt yesterday (Thursday), with panellists saying that further regulatory focus on the asset class akin to that seen in Norway is only to be expected.

Fitch has made more conservative some of its criteria for analysing residential loans in Norway, it said on Monday.

SpareBank 1 Boligkreditt priced a $1bn five year deal yesterday (Wednesday) after choosing the US dollar market over euros for its first benchmark covered bond of the year to capture momentum from a recent roadshow in the US, while a French issuer is also said to be eyeing dollars.