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.

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.

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%.

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.

Danske Bank opened the market for contingent capital for Nordic banks with a bang yesterday (Wednesday), drawing some Eu13bn of demand for its much anticipated AT1 transaction and achieving the lowest coupon to date for the new type of hybrid bank capital.

Danske Bank could soon emerge with the first Nordic CoCo transaction, after having yesterday (Wednesday) announced that it will next week meet with investors in connection with a potential euro Additional Tier 1.