Länsförsäkringar Bank sold a SEK1bn (€108m) dual tranche five year senior unsecured bond on Wednesday, sensing an opportunity to tap into strong demand in an undersupplied market, according to the issuer’s head of long term funding, and is considering a debut public euro issue.
Sweden’s Skandiabanken is seeking bondholder approval to transfer two outstanding Norwegian krone senior unsecured FRNs to a new subsidiary in Norway it is establishing ahead of a fourth quarter IPO of its banking operations in that country.
Pohjola Bank launched the OP group’s first benchmark transaction of the year on Tuesday, a Eu1bn seven year bond that took advantage of a lack of supply in the senior unsecured market coupled with strong demand.
Pohjola Bank launched the tightest five year senior unsecured euro benchmark of the year on Tuesday, a Eu750m issue that the OP-Pohjola head of group funding said was an opportunistic trade to take advantage of a receptive market.
Svenska Handelsbanken re-opened the FIG flow primary market after a summer lull with a strong Eu1.25bn seven year senior unsecured transaction on Monday, paving the way for a flurry of issuance from its Nordic peers.
Anders Lund Hansen, group treasurer at BRFkredit, spoke to The Covered Bond Report’s Neil Day about the issuer’s plans for an inaugural senior unsecured trade off a new EMTN programme.
Svenska Handelsbanken launched a £300m (Eu371m/Skr3.21bn) 10 year senior unsecured issue on Monday, the Swedish bank’s longest dated deal in the UK currency.
Senior unsecured will be the cornerstone of bank funding in 2013, forecasts Vincent Hoarau, Head of FIs, Covered Bond & ABS Syndicate at Crédit Agricole CIB, with covered bond supply being partially led by the periphery and Nordic covered bonds being in a strong position.
SpareBank 1 SR Bank and SEB took advantage of strong market conditions and compressed spreads to tap the euro senior unsecured market this week, while Nordea Bank made the most of a good issuance opportunity in sterling.
Svenska Handelsbanken subsidiary Stadshypotek priced the longest dated Yankee covered bond since the financial crisis on Tuesday, a $1.5bn seven year deal that came only two business days after the issuer made its Kangaroo debut, while Swedbank made a $1bn senior dollar debut.