FI, FX & Commodity Strategy

FI Comment — SEB will introduce a new SEK covered bond

1. SEB will introduce 579; matures on December 18, 2024
2. Priced around 25bp over swap, matched maturity

FI Comment — Länsförsäkringar Hypotek will introduce a new SEK covered bond

1. Länsförsäkrigar Hypotek will introduce 519; matures on September 16, 2026
2. The coupon is 1,5%; ISIN SE0012324341
3. Pricing at 48-49bp over swap, matched maturity

FI Comment — Nordea Hypotek will introduce a new SEK-denominated bond

1. Nordea Hypotek will introduce NDH5534; matures on September 18, 2024
2. The coupon is 1%; ISIN SE0012230415
3. Pricing at 39.5bp over swap, matched maturity

FI Comment — Swedbank Hypotek will introduce a new SEK covered bond

1. Swedbank Hypotek will introduce 194; matures on September 18, 2024
2. The coupon is 1%; ISIN SE0012142206
3. Pricing at 39.5bp over swap, matched maturity

Central bank calendar — 2019

• Federal Reserve
• European Central Bank
• Bank of England
• Riksbank
• Norges Bank
• Bank of Japan
• Swiss National Bank
• Reserve Bank of Australia
• Reserve Bank of New Zealand
• Bank of Canada

Commodity Strategy — From monopoly to duopoly

OPEC and non-OPEC agreed to start a new production cut to balance the market in H1 2019. The next OPEC meeting will be as soon as April, which further emphasises the high level of uncertainty around the new accord. The decision came after two days of marathon talks in Vienna and a long press conference to further convince the market of the strong alliance between Saudi and Russia. The meeting was all about Saudi and Russia, with OPEC clearly developing from a monopoly to a duopoly that cannot stand without support from Putin.