SpareBank 1 Boligkreditt amassed a book of over Eu1.7bn for a Eu1.5bn three year covered bond yesterday (Thursday) that bankers said showed strong demand for shorter dated paper, with the Norwegian deal standing out amid a slew of five to seven year supply as the equal-largest three year of 2015.

Demand for a Eu1bn long six year SpareBank 1 covered bond fell short of expectations on Tuesday, and an official at the issuer said the outcome was surprising, with the choice of maturity and amount of recent Nordic supply perhaps explaining the subdued reception.

Moody’s upgraded commercial mortgage backed covered bonds issued by SpareBank 1 Næringskreditt from Aa3 to Aa2 yesterday (Wednesday), citing a strengthening of liquidity and capital support for the issuer.

Norway’s SpareBank 1 alliance has strengthened liquidity and capital support of its commercial mortgage covered bond issuer, SpareBank 1 Næringskreditt, in a move recognised by Moody’s and which the issuer hopes could yield pricing benefits.

Moody’s concluded a review of five Norwegian regional banks today (Thursday) by downgrading the long term issuer ratings of three savings banks and affirming two, while keeping on review for downgrade the rated members of the SpareBank 1 alliance and cutting SpareBank 1 Gruppen.