Swedbank
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A rise in rates is helping high quality names push credit spreads even lower -
Investors are happy to accept tight spreads in exchange for safer exposures
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Mandates line up as autumn issuance window bursts open
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The Finnish bank is bearing down on the previous record low coupon set by UBS
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Investment grade corporate debt market revs up for risk as subordinated trades mark first supply in a fortnight
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Swedish firms flock to MTN market in search of covered and senior funding
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European banks are pushing record low pricing in the dollar additional tier one market
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Swedish krona issuance is set to pick up after Region Stockholm jump started the post-summer market this week
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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.
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The sterling market has started June in the same way it finished May: busy. But investors are clearly stating a preference for yield, with demand for tier twos far outstripping the interest in senior unsecured deals.
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Swedbank was looking to price its first sterling green bond on Tuesday, as foreign funders find plenty of reasons to diversify into the currency.
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A trio of senior borrowers paid minimal new issue premiums in euros this week as Swedbank and AIB Group tapped a sweet spot of demand for bail-inable debt, while Macquarie got attractive pricing compared to its dollar curve.
