Swedbank
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European banks will exercise extreme caution in dollars after an ill-fated senior deal from Swedbank this week. It could signal the end of a long run of ultra-easy borrowing conditions in US credit markets, with severe volatility stemming from fears of rising interest rates. Tyler Davies reports. -
Swedbank got stuck at initial price thoughts for a $750m three year preferred senior bond in the dollar market this week, having been forced to drop a longer dated leg from its offering.
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The Bank of Montreal marked International Women’s Day with a Canadian dollar women in business bond this week — its first domestic issue off its sustainability framework.
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Financial institutions have ramped up their sales of green debt at the start of 2021, as they look to take advantage of a quiet funding year by building out their environment, social and governance frameworks. This week, nearly all FIG euro issuance arrived in ESG formats.
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Environment, social and governance (ESG) themed debt has dominated the senior market this week, with the format helping to secure more execution certainty in a softer trading environment.
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KommuneKredit mandated banks on Tuesday to follow its Nordic peer into the 10 year part of the euro curve, in what will only be the second public deal in the euro SSA primary market this week.
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Infrequent Nowegian borrower SpareBank 1 Østlandet is set to print its first green bond as it looks to extend its benchmark senior curve out to 2028.
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This week was the busiest of the year so far for bank senior supply in euros, as issuers took advantage of strong market conditions after posting full year results.
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UBS and Santander Consumer Finance found a combined €8.15bn of demand across the senior curve on Monday, printing deals between five and twelve years in tenor. With market conditions good, bankers expect more deals to follow.
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Norway’s Sparebank 1 SMN is set to return with its second green bond in the coming days, becoming the third Nordic issuer to tap the public market this year.
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Market participants expect banks will return with a flurry of senior transactions after results this week, as rising yields help to lift primary demand.
