Countries

Swedish FSA, Debt Office dispute Riksbank covered bond stance

Nov 27th, 2015
Riksbank image

Sweden’s FSA and National Debt Office have questioned the rationale behind proposals from the Riksbank that would tighten its rules on the use of covered bonds as repo collateral, and disputed that certain structural risks and vulnerabilities are not reflected in covered bonds’ ratings.



RD cuts ARMs auction size citing dissatisfaction with quality of bidding

Nov 20th, 2015
Realkredit Danmark image

Realkredit Danmark (RD) took the unprecedented step of cutting a three year covered bond auction from Dkr2.72bn to Dkr1.90bn (Eu255m) on Wednesday, citing dissatisfaction with orders for the sale, although the bulk of the week’s issuance was relatively smooth.



Moody’s upbeat on Sweden, but warning on boom

Nov 13th, 2015
sweden-flag

Moody’s has improved its outlook on the Swedish banking system from negative to stable, citing the positive impact of strong economic growth on asset quality and profitability, but the rating agency also warned of the consequences of a housing boom.



Nykredit Realkredit sells Eu800m Tier 2 into reopened market

Nov 13th, 2015
Nykredit image

Nykredit Realkredit attracted more than Eu2bn of demand for a Eu800m 12 year non-call seven Tier 2 issue on Tuesday, taking advantage of the reopening of the subordinated debt market after having announced its third quarter results last week.



SpareBank 1 hits sweet spot to build Eu1.7bn book for covered threes

Nov 6th, 2015
SpareBank 1

SpareBank 1 Boligkreditt amassed a book of over Eu1.7bn for a Eu1.5bn three year covered bond yesterday (Thursday) that bankers said showed strong demand for shorter dated paper, with the Norwegian deal standing out amid a slew of five to seven year supply as the equal-largest three year of 2015.



Danske Q3 disappoints, but FY15 target maintained

Oct 30th, 2015
Danske EntranceAPP

Danske Bank announced third quarter pre-tax profits of Dkr4.7bn (Eu630m) yesterday (Thursday), 9% below consensus expectations on the back of negative interest rates in Denmark and low activity, although the bank maintained its net profit guidance for the full year.



SEB in solid book for Eu1bn sevens as euros beat kronor

Oct 30th, 2015
AppSEB_kungstradgarden

Skandinaviska Enskilda Banken (SEB) built a “rock solid” order book for a Eu1bn long seven year covered bond issue on Monday, according to an official at the Swedish issuer, who said the euro market continues to offer more attractive pricing terms and volume access than its domestic market.



Rate cuts stymie Swedish third quarter profits, but positives seen

Oct 23rd, 2015
WEB_INRIKES

Third quarter results of the big four Swedish banks came in below consensus expectations this week, with the impact of persistently low interest rates on net interest income (NII) and weak capital markets cited as contributing to the weaker than expected performance.



Swedbank £350m deal reopens sterling covered, offers attractive funding

Oct 23rd, 2015
Swedbank

Swedbank Hypotek reopened the sterling covered bond market after two months without benchmark supply on Wednesday, and although the FRN was priced 10bp wider than preceding deals an official at the issuer said the sterling market still offered attractive funding.



Eika finds its window in busy euro covered bond market

Oct 23rd, 2015
Eika Boligkreditt_200

Eika Boligkreditt waited for a window amid heavy euro covered bond supply to sell its first euro benchmark of the year on Wednesday, pricing a Eu500m six year transaction with a relatively slim new issue premium after eight deals had hit the market in the first two days of the week.