STERLING

摘要

Stadshypotek, Svenska Handelsbanken's covered bond issuer, waded into the sterling covered market last Monday after an absence of more than two years. IPTs for the three-year benchmark FRN came at three-month Libor plus 28bp area via HSBC, Nomura and RBC. The spread was later fixed in line at plus 28bp and the deal sized at £300m with books above that amount. There has been no shortage of short-dated sterling covered floaters this year, with Canadian and UK issuers particularly active. Swedbank was the last Swedish issuer to do so, pricing a £500m three-year deal at plus 20bp in March. "Svenska is not the best name in Europe but it printed flat to where the Canadians have been coming," said a banker away from the trade. "That kind of level is around 5bp better than what you can get in euros. I'm surprised they didn't get a bit more size done, but you size it to the book."