SEB makes dollar debut as Westpac mandates
Skandinaviska Enskilda Banken successfully issued its maiden dollar denominated covered bond on Tuesday, attracting a comfortably oversubscribed and granular book at a funding level that was close to what it could have achieved in the local market. Westpac has mandated leads for a follow on 144A dollar benchmark.
Stadhypotek sells dollars as Nordics tighten towards Canadians
Sweden’s Stadshypotek took the year’s total for dollar covered bond issuance past $10bn this week with a $1.25bn five year deal. Nordic issuers’ spreads are closing in on those of their Canadian peers and dollar covered bonds from many countries have become expensive compared to Treasuries, said Barclays analysts.
Benchmark duo answer dollar demand
UBS and Swedbank closed dollar benchmarks this week, pricing their deals well inside where they could have funded in euros. Demand in the dollar market far outstrips supply, and the eager investor base should help draw more borrowers looking to take advantage of the arbitrage.
UBS and Swedbank set for dual dollar deals
UBS and Swedbank announced dollar benchmarks on Thursday, opting for the safety and favourable cross currency swap available in that market.
DNB returns to dollars
DNB Boligkreditt began marketing a five year dollar covered bond on Thursday, its first benchmark in the currency in two years.
NAB names leads for dollar deal
National Australia Bank has mandated Bank of America Merrill Lynch, Barclays, HSBC, NAB and RBC Capital Markets for a five year dollar covered bond.
KHFC’s dollar deal pulls in European funds
Korea Housing Finance Corp (KHFC) received over three times the demand it needed to print its latest $500m covered bond this week, drawing a strong response from European buyers, as well as Asian and US accounts.
Rarity and relative value to carry KHFC benchmark
Korea Housing Finance Corp opened books on its latest benchmark covered bond on Tuesday. It is only the second dollar deal of the year, and this lack of issuance, together with a triple-digit starting spread should mean a successful outcome, said bankers.