Swedbank, Riksbank win in The CBR Awards for Excellence

Swedbank and Sveriges Riksbank came out as winners in The Covered Bond Report’s inaugural Awards for Excellence, which were announced on Tuesday, while Stadshypotek was highly commended.

Swedbank triumphed in the investor relations category.

The timeframe for the awards was April 2012 to March 2013, and although Swedbank only launched one international benchmark covered bond during that time market participants noted how the Swedish issuer’s standing had improved.

The bank’s investor relations work was applauded, with a tightening of its spreads and successful transactions cited as reflecting this.

One banker noted how Swedbank had recovered from previous difficulties “to being the positioned among the Nordic majors”, for example.

The issuer rounded off the period under consideration with a $1bn five year transaction in March before its successful return to euros with a Eu1bn seven year deal at the end of April.

The Riksbank was recognised in the category of regulation. Market participants said that the central bank’s approach contrasted with that of financial authorities in some other countries.

“They have a consistent dialogue with the banks regarding different issues and the risk of something coming in out of the blue is therefore very small,” says one funding official. “But it’s not like the banks are dictating policy as they usually have a firm view.”

The Riksbank’s engagement with the market on a variety of issues, whether that be in support of its local banks’ efforts to communicate their message or to promote the debate about asset encumbrance, were also cited.

Stadshypotek was one of two banks that were highly commended in the category of overall issuer, which was won by Commonwealth Bank of Australia, with Germany’s Münchener Hypothekenbank also highly commended.

For a full list of winners and further information on The Covered Bond Report’s Awards for Excellence, please visit news.coveredbondreport.com.