LF Hypotek returned to the public euro covered bond market for the first time in nearly two years on Monday, selling a three times subscribed Eu500m seven year deal that was priced close to recent transactions by its larger peers, including Swedbank Mortgage last week.

Mats Anderson, Cheuvreux bank equity analyst, reviews the first round of Nordic Q1 results.

Swedbank priced its second US dollar senior unsecured benchmark on Tuesday, a well received $1bn (Eu764m/Skr6.34bn) five year deal that bankers said offered attractive funding versus euros.

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.

Ten Nordic banks had their outlooks revised from stable to negative by Standard & Poor’s on Monday because of increasing economic risks arising from a longer than expected recession in the euro-zone.

Swedbank priced a £250m (Skr2.67bn/Eu310m) three year floating rate senior unsecured transaction on Tuesday, an opportunistic foray in the currency that was built around a private placement idea, according to a treasury official at the issuer.

The Covered Bond Report’s Neil Day spoke to Ulf Jakobsson, head of funding at Swedbank, about its senior and covered bond issuance in dollars and euros, asset encumbrance, and more.

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.