Sweden
Nov 14th, 2014
SEB reopened the AT1 market on Thursday of last week (6 November), pricing a debut $1.1bn (Eu883m, Skr8.17bn) perpetual non-call 5.5 issue with a coupon of 5.75% in the first European bank AT1 supply since a deal for fellow Swede Nordea on 17 September.
Posted in Sweden
Tags: AT1, SEB, Sweden, Swedish
Nov 6th, 2014
Sweden’s Stadshypotek set a new post-crisis tight for non-Eurozone seven year covered bonds with a Eu1.25bn issue at 2bp through mid-swaps on Monday, and an official at the issuer said the result was encouraging, even if technicals – in the shape of CBPP3 – are in his eyes outweighing credit quality in relative pricing.
Posted in Sweden
Nov 6th, 2014
Skandinaviska Enskilda Banken (SEB) is expected to launch its first Additional Tier 1 (AT1) issue shortly, in the US dollar market, after having begun a roadshow on Monday.
Posted in Sweden
Tags: AT1, Coco, SEB, Sweden, Swedish
Oct 24th, 2014
Standard & Poor’s said on Tuesday that a Swedish Bankers’ Association proposal to suggest a reduction in the required level of amortisation to a 50% LTV ratio could help reduce asset-liability mismatch (ALMM) risk in covered bond programmes, but highlighted that issuers have already reduced this since 2008 by extending the duration of their funding.
Posted in Sweden
Tags: amortisation, S&P, Sveriges Riksbank, Sweden, Swedish, Swedish Bankers' Association
Oct 17th, 2014
Amortisation of new mortgage loans down to 50% of a property’s value in line with a Swedish Bankers’ Association recommendation on Tuesday of last week (7 October) would be beneficial, according to Moody’s, while an analyst suggested it could head off further binding measures from Sweden’s authorities.
Posted in Sweden
Tags: amortisation, Moody's, Svenska Bankforeningen, Sweden, Swedish, Swedish Bankers' Association
Oct 10th, 2014
Moody’s noted that the soft bullet mechanism used by SCBC for the first time on a Eu1bn covered bond launched on Tuesday of last week (30 September) reduces fire-sale risk associated with covered bonds in the event of default, which is the major driver of cover pool losses.
Posted in Sweden
Tags: Moody's, SBAB, SCBC, soft bullet, Sweden, Swedish
Oct 2nd, 2014
SCBC sold its first euro benchmark in three and a half years on Tuesday, a Eu1bn (Skr9.1bn) seven year that is understood to be the first soft bullet covered bond out of Sweden, and an official at the issuer said it will now be returning to the euro-denominated market on a yearly basis.
Posted in Sweden
Tags: covered bond, SBAB, SCBC, Sweden, Swedish
Sep 19th, 2014
Nordea achieved the lowest coupon on an Additional Tier 1 (AT1) with the first such issue from Sweden on Tuesday, a $1.5bn (Eu1.16bn, Skr10.7bn) transaction split into two tranches that included a $1bn perpetual non-call five tranche paying 5.5%.
Posted in Sweden
Tags: AT1, Coco, Nordea Bank, Sweden, Swedish
Sep 12th, 2014
Nordea is set to launch the first Additional Tier 1 (AT1) instrument from Sweden next week, having embarked upon investor meetings for what will be a high, 8% trigger temporary write-down structure.
Posted in Sweden
Tags: AT1, Coco, Nordea Bank, Sweden, Swedish
Sep 4th, 2014
Nordea Eiendomskreditt made its sterling covered bond debut today (Thursday) with a £500m (Eu627m, Nkr5.11bn) three year FRN that was nearly twice subscribed and said to be the tightest deal in the currency so far, also coming inside theoretical euro new issue levels.
Posted in Sweden
Tags: covered bond, Nordea Eiendomskreditt, Norway, Norwegian, sterling