Nykredit Realkredit has confirmed it is targeting some Eu3bn (Dkr22bn) of bond issuance eligible for bail-in buffers over the next two years to bolster its capital after Standard & Poor’s downgraded it from A+ to A on Monday and left the rating on negative outlook.

S&P upgraded Danske and took rating actions on Swedish banks on Tuesday in connection with a raft of actions on European banks to reflect less assumed government support given new resolution frameworks, and also flagged plans to incorporate this into covered bond ratings.

A Swedish National Debt Office (Riksgälden) proposal on how to implement the EU bank recovery and resolution framework in Sweden is credit negative for senior unsecured debt of the country’s banks, particularly of the four largest, Moody’s said today (Thursday).