Jyske returned to the senior unsecured market for possibly the last time on 23 May after in March selling its biggest capital trade, a four times covered Eu300m 12 year non-call seven Tier 2 that investors welcomed as a rare opportunity to buy a yieldy euro trade from the Dane.

New Nykredit Realkredit “senior resolution notes” (SRNs) are positive for holders of its covered bonds, Moody’s said yesterday (Thursday), after S&P revised its outlook on the issuer from negative to stable and the Danish issuer reopened the euro senior market with its second such deal.

Danske life insurance subsidiary Danica launched its first new bond issue since 2006 on Monday, a Eu500m (Dkr3.73bn) 30 year non-call 10 subordinated transaction that sold out at a level reflecting the challenging market conditions prevailing in credit markets this week.

Swedbank took advantage of a buoyant subordinated debt market and strong demand for Nordic credits to sell its first Tier 2 transaction in four years yesterday (Wednesday), a Eu500m 10 year non-call five deal.

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.

Danske Bank is set to price a new US dollar-denominated 25 year non-call five Tier 2 issue today (Thursday), with a coupon said to be in the 7.125% area after the deal was heavily oversubscribed.

Nordic banks’ strong credit stories have been a key factor in enabling their position alongside Dutch banks at the head of a wave of lower Tier 2 issues hitting the market since last week, Fitch said on Tuesday.

Skandinaviska Enskilda Banken raised Eu750m of tier two capital yesterday (Wednesday) amid a flurry of subordinated debt that also saw Danske Bank mandate for a US dollar issue.