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Initial price thoughts for the transaction, which has a 4.5-year maturity (due 11 November 2026), are 60bp-area over mid-swaps, according to Bond Radar (www.bondradar.com). Within a couple of hours, demand was in excess of EUR 1.25bn.

According to Marco Troiano, lead analyst for SEB, the ratings are driven by the bank’s resilient business model and strong financial performance. The issuer rating is driven by the bank’s solid position as a universal bank in Sweden, its pan-Nordic corporate banking franchise and its strong financial fundamentals. Scope affirmed its ratings on 7 February 2022.

“We believe the issuer’s approach to long-term sustainability is sound and boosts its credit profile,” Troiano said. “Management is focused on future-proofing the bank against secular changes in the industry, including the ever-increasing role of technology in banking and the need for society to lower its environmental impact.”

“The capital- and relationship-intensive nature of the corporate and investment banking business, alongside the lack of a legacy capillary distribution network, are an advantage in the current rapidly-changing environment,” Troiano added.

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