Nordea attracted over Eu4.5bn of demand for a “blowout” Eu750m (Skr7bn) 10 year non-call five Tier 2 issue on Monday that bankers said showed the market is wide open, but expectations for further supply next week are modest after only one Tier 2 deal followed.

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.

The designation of DNB, Nordea Bank Norge and Kommunalbanken as systemically important financial institutions (SIFIs) by the Norwegian Ministry of Finance is credit positive, Moody’s said on Monday, noting that an FSA proposal to include regional players was not taken up.

Nordea priced a ¥100bn (Eu720m, Skr6.47bn) three tranche Samurai today (Thursday), with a lead banker noting that the deal beat a Rabobank Samurai from last week on pricing and size.

Nordea Bank priced a $2.25bn triple tranche senior unsecured bond on Monday, the last day of the first quarter, with a syndicate official at one of the leads noting that a larger deal may have been possible.

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.

Ten Nordic banks had their outlooks revised from stable to negative by Standard & Poor’s on Monday because of increasing economic risks arising from a longer than expected recession in the euro-zone.

Sweden’s Nordea Bank sold a US$1bn 10 year bullet Tier 2 deal on Monday, benefitting from a decision to broaden the deal’s scope to include the US 144A private placement market rather than only targeting Reg S accounts.