Storebrand Boligkreditt repaid a maturing Norwegian krone covered bond two days late last week, according to Moody’s, which said that the payment delay was due to a technical error, is not considered a default, and has not affected the credit quality of the programme.

Norway’s Storebrand Boligkreditt took advantage of healthy domestic demand and tighter levels to increase a June 2017 Norwegian krone floating rate covered bond by Nkr400m yesterday (Wednesday), taking the new issue size to Nkr2.65bn (Eu356m).

Ålandsbanken made its covered bond debut with a Eu200m dual tranche issue yesterday (Wednesday), and its group treasurer said it is pleased to have tapped the market after a lengthy lead-up.

Storebrand Boligkreditt is planning a Eu250m euro covered bond that is expected to be launched next week and would mark the issuer’s return to euros after a lengthy absence, with syndicate bankers expecting the issuer to be joined by others in a pick-up of benchmark supply.