SEB
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Covered bonds issued this week by Axa Bank and Lansforsakringar Hypotek (LF Hyp) were priced at — or inside — fair value, partly reflecting a technical squeeze that was aggravated by the European Central Bank’s move to step up purchases in the secondary market.
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Finland’s Elisa was the only borrower to brave the market on Wednesday for a sub benchmark trade, despite bankers reaffirming their confidence that primary demand is as strong now as it has been all year. -
Lansforsakringar Hypotek (LF Hyp) has issued its longest dated covered bond which, with a positive spread to mid-swaps, gives a slight premium to other Swedish banks but no concession to its own curve.
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The market for socially responsible investment (SRI) bonds is enjoying a burst of activity, as sub-sovereign borrowers from both sides of the Atlantic hit screens in green.
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Sustainability bonds are the flavour of the week for regional issuers, as the State of North Rhine-Westphalia smashed the size record for sub-sovereign SRI bonds on Tuesday and Île-de-France hit screens to announce its own socially responsible investment bond.
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The State of North Rhine Westphalia will sell its third sustainability bond on Tuesday, following a pan-European roadshow.
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Apax Europe has sold its last remaining shares in Capio, the Swedish private healthcare group, for Skr660m (€70m).
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The Swedish National Debt Office (SNDO) promoted non-preferred debt as a way for Swedish banks to meet the minimum requirement for own funds and eligible liabilities (MREL) on Thursday, establishing a favourable method for calculating the requirement and a manageable timeline for its implementation.
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Investors piled into a €1bn dual tranche transaction from telecoms company Ericsson on Monday even after the issuer dragged pricing in by around 35bp, in an execution that bankers say highlights how tough it has become for syndicates to derive fair value.
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Skandinaviska Enskilda Banken broke a near ten year record in setting a very tight spread for its debut green bond, helped by a maturing green investor base and a recent flight to quality.
