Svenska Handelsbanken

Euros offering a cheaper alternative for Nordic borrowers

A handful of borrowers have found their additional tier one (AT1) paper upgraded into investment grade territory by Moody’s this week, following adjustments in how the agency treats high trigger instruments.

Kungsleden, a Swedish commercial property owner, has signed a Skr2.9bn (€285m) credit facility linked to sustainability targets, as lenders’ varying approaches to key performance indicators on these types of deals are once again thrust into the spotlight.

Sweden became the latest European sovereign to access the ultra-long end of the curve this week as it launched its first 50 year bond, opening up the long end of the krona curve for other highly rated names.

Yankee borrowers found swift execution and deep liquidity as they peppered the dollar market this week, with ABN Amro and Svenska Handelsbanken each printing debut non-preferred senior trades in the currency.

Sinch, the Swedish cloud-based communications services company, has raised Skr9.4bn (€926m) to fund M&A opportunities following an overnight share sale anchored by major investors.

Landshypotek Bank sold a trio of covered bonds in the MTN market this week, including its largest single tranche deal since April last year.

Danske Bank set a careful foot into the Reg S dollar additional tier one market this week, in the wake of a difficult trading session for global equities.

Cloetta, the Swedish confectionery maker, has refinanced krona and euro bank debt while reducing its bank fees by halving its revolving credit facility.

Italian asset manager Anima Holding sold €300m of senior debt against a quiet backdrop this week, having decided to target the popular seven year tenor.

BPCE and Rabobank are in the market for Aussie dollar senior paper, with bankers expecting a busy April as a slew of financial issuers refinance maturing bonds.

Svenska Handelsbanken returned to the Kangaroo market this week to print a five year preferred senior deal at a decade tight level, as the long-term absence of funding from the Aussie market's major domestic banks drives down senior spreads.