Nordics

Two public sector issuers will come to market for euro trades on Tuesday, testing conditions as the autumn borrowing season gets underway

Swedish firms flock to MTN market in search of covered and senior funding

The Swedish krona covered bond curve has steepened over the course of the year alongside a rise in net issuance, with last month's volumes almost twice those of last July.

Banks are seeing light at the end of the tunnel as they emerge from major cost cutting exercises at the same time as economies around the world begin to emerge, erratically, from pandemic restrictions. Now the question is whether there will be enough capital markets business to go around.

Private placements are expected to make up the bulk of Swedish covered bond paper throughout the latter half of 2021 and, with the Nordic summer holiday period coming to end, issuance from the region is expected to kick off ahead of the eurozone.

Íslandsbanki plans to issue its inaugural additional tier one (AT1) note in the near future, becoming the second Icelandic bank to debut in the format since the collapse of the nation's banking system 13 years ago.

Finnish insurer Sampo has bought back more euro-denominated senior bonds as it looks to reduce its leverage, though it failed to gain approval to redeem the remaining bonds ahead of their maturity.

Apex Partners has cut its stake in TietoEvry, the Finnish software and IT services company, via an accelerated bookbuild.

This week's scorecard looks at the progress Nordic agencies have made in their funding programmes in early July.

Finland’s Municipality Finance has sold its first bond linked to one of the new risk-free rates, opting for the Secured Overnight Financing Rate for its $200m floater.

Wells Fargo hires Marriott from NatWest Markets — Créd Ag MD to join BNP Paribas SSA desk — SEB SSA DCM head off to New York — AFT hires funding official from Crédit Foncier — Citi promotes CEEMEA debt bankers — HSBC AM adds EM debt portfolio manager — EM seller heads from Credit Suisse to Barclays — Deutsche Bank hires head of US CLO syndication from JPM — Senior securitized product banker leaves Barclays — USSIM poaches BlackRock head of European ABS — Together treasurer departs for Pepper — Barclays poaches from JP Morgan for real estate IB push — Barclays hires from MS for head of Nordic banking

Morgan Stanley managing director Tobias Åkermark is leaving the US firm to become head of Nordic banking and country CEO for Sweden at Barclays.