Svenska Handelsbanken priced a $1.4bn (Eu1bn, Skr9.4bn) dual tranche five year senior unsecured transaction on Tuesday, raising funding at a much lower cost than that available in euros to highlight a large arbitrage in play between the markets, according to a banker away from the leads.

SBAB and Svenska Handelsbanken had their ratings affirmed by S&P yesterday (Wednesday), two months after the rating agency placed them on CreditWatch negative.

A Lower Tier 2 transaction from DNB and a US dollar senior unsecured deal from Svenska Handelsbanken hit the market today (Thursday), with sentiment buoyed by a surprise decision against tapering by the Fed yesterday. Meanwhile, Aktia will roadshow for a senior transaction in euros.