Swedbank has launched a cash any-and-all tender offer for the remaining stock of its publicly placed government guaranteed bonds to optimise the bank’s funding structure, with the bonds already having been refinanced.
Moody’s has upgraded Swedbank because it considers that the bank’s credit profile has strengthened, and Fitch revised the outlook on Danske Bank from negative to stable due to lower risk from its Ireland exposure.
Nordea Bank positioned itself as the tightest European FIG credit in the Samurai market yesterday (Wednesday), pricing a ¥91.2bn (Eu693m, Skr5.96bn) senior unsecured issue inside Rabobank.
SEB added another string to its bow by making its US dollar covered bond debut on Tuesday, pricing a $1.5bn five year deal on the back of strong demand and only 1bp wide of where Stadshypotek tapped the market last week.
Nordea Bank has filed a shelf registration to issue up to ¥500bn of Samurai paper and the same in Uridashi format, and is targeting four Samurai tranches for pricing next week, according to bankers close to the project.
Svenska Handelsbanken subsidiary Stadshypotek sold a $1.25bn (Eu970m) five year covered bond yesterday (Thursday), attracting some $1.7bn of demand in a return to form after a difficult euro benchmark in March.
LF Hypotek returned to the public euro covered bond market for the first time in nearly two years on Monday, selling a three times subscribed Eu500m seven year deal that was priced close to recent transactions by its larger peers, including Swedbank Mortgage last week.
Svenska Handelsbanken sold its first public sterling issue of the year on Tuesday, a well-received £400m three year floating rate note.
Swedbank launched its first euro benchmark covered bond since August 2011 today (Thursday), a Eu1bn seven year issue that attracted strong demand, with the leads taking a cautious approach to execution but able to tighten the spread after a “catchy” opening, said a banker on the deal.
Swedish government-owned SBAB on Monday sold its first senior unsecured fixed rate euro benchmark since April 2011, a Eu750m five year deal that was more than three times subscribed, with pricing justifiably positioning the issuer at the tighter end among its Nordic peers, according to its treasurer.