Swedish Export Credit Corporation

Swedish Export Credit Corporation returned to euros for the first time since 2009 on Wednesday, but sluggish investor demand meant that the book failed to reach €1bn even with pricing at the wide end of initial price thoughts. It is the third euro benchmark this week to fail to cross the line.

Swedish Export Credit Corporation, which is set to price its first euro benchmark since 2009 on Wednesday, is hoping to become a more regular issuer of benchmarks in the currency if the pricing works. The issuer would like to fund its euro needs directly as the cost of swapping the proceeds from other currencies is going up.

Swedish Export Credit Corporation is close to pricing its first dollar denominated capital deal in 10 years on Tuesday afternoon, a subordinated tier two note. Leads were able to push pricing in on the trade, while also drawing strong demand for the rare structure.

Swedish Export Credit is expected to sell subordinated tier two debt on Tuesday, the first time it has conducted a capital issue in dollars since 2003.

This week's scorecard features Scandinavian agencies. Several issuers have completed or are near completing their funding targets for the year, and some are contemplating prefunding their 2014 needs before the end of the year.

Swedish Export Credit Corporation sold a trio of 30 year dollar callable zeros over the past three trading days, as investor interest in the product perked up after a quiet summer.

This week's scorecard features Scandinavian agencies. Most of the issuers are well funded for the year, with Municipality Finance leading the pack on 92% after its $1bn three year bond priced on Thursday.

Swedish Export Credit Corporation, which is set to meet investors in September ahead of a potential tier two issue, could also look to print another dollar global issue this autumn, a funding official told SSA Markets.

Swedish Export Credit Corporation (SEK) sold floating rate global dollar debt at the short end of the curve on Friday, focusing on investor appetite for FRNs in anticipation of rising rates.

Private placements could soon step into the breach left by a dearth of deals in the public markets, as issuers and investors dust off their structured note manuals and eye up deals that had fallen by the wayside in recent years.

Swedish Export Credit Corporation (SEK) sold Swiss franc debt for the first time since 2010 on Wednesday, extending its curve in the currency with 10 year bonds. The deal was price flat to the issuer’s outstanding paper despite less than ideal market conditions.

The failure of this week’s floating rate notes from SEK and Eurofima confirmed the reluctance of dollar investors to commit to a market beset by concerns about the outlook on rates, bankers told SSA Markets on Wednesday. FRNs are usually immune to rate considerations, but not this time, they said.