Sweden

Swedish Export Credit Corporation kept the public sector new issues market open on Thursday as it came with an opportunistic four year dollar trade on the back of a strong week for dollar borrowers.

Smaller loan loss provisions and high capital ratios have helped Nordic lenders to kick off European bank earnings season in a positive fashion. But analysts are cautious about drawing any conclusions for the rest of the sector.

Richard Livingstone, the British billionaire property developer, sold Skr5.5bn ($616m) of shares in Swedish online gambling company Evolution Gaming in an overnight trade on Monday, to help mitigate the effect of Covid-19 on his property portfolio.

Swedish social housing manager Samhällsbyggnadsbolaget i Norden (SBB) has issued a Sk2.75bn (€270m) mandatory convertible bond to shore up its balance sheet as it pursues further investment opportunities in the social infrastructure space.

The Swedish National Debt Office has selected the maturity range for its debut green bond and the banks that will lead the transaction, which will take place via syndication in August.

Hansa Biopharma, the Swedish pharmaceuticals company, raised Skr1.1bn ($121m) through a sale of new shares on Wednesday evening to fund the launch of a new drug for patients undergoing kidney transplants.

Oatly, the Swedish company that makes oat milk, has signed a Skr1.925bn (€184m) club loan, on which the pricing can be adjusted if it hits sustainability targets.

European banks jumped into the US dollar market this week, with some issuers clocking up huge savings in the currency versus what their home markets could offer.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, June 22. The source for secondary trading levels is ICE Data Services.

Kommuninvest has lowered its funding target for 2020 because of a smaller than expected need for lending after the initial shock of the Covid-19 crisis.

Region Stockholm brought social impact bonds into the mainstream European capital markets this week, with a transaction aimed at preventing people from developing diabetes. With healthcare financing top of the agenda in capital markets because of Covid-19, the deal raises the prospect that other issuers could turn to outcome-based financing. Frank Jackman and Jon Hay report.

Region Stockholm printed a health impact bond on Tuesday. It is an example of a social impact bond. Unlike a vanilla social bond, the repayment and interest on the bond are directly linked to the success of the funded health project.