The expected catch-up in Swedish data continued last week. Both the Export Managers Index and the National Institute for Economic Research's (NIER), Business and Consumer Confidence Surveys, shot up dramatically, thus pointing to considerably stronger growth ahead. Note though, the somewhat disappointing retail sales data.
We do not expect any large revisions to the Riksbank forecasts, but we do see risks tilted towards a less dovish stance at this week's monetary policy meeting. Hence, we continue to be positioned for a wider spread against Germany in the 5 year segment. The Riksbank meeting should also be positive for the SEK.
Issuing activity will pick up in the coming week and all three Scandis will be printing in the 8-10 year segment. Sweden will tap SEK3.5 billion on Novemeber 23, Norway will print NOK4 billion on May 21, and Denmark will tap on Nov-16 and Nov-23. In particular, Norway and Sweden are trading close to highs versus the Bunds, which should help attract interest.
We believe the Danish market is pricing too many independent rate hikes given a still healthy demand for Danish securities by foreigners.
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Riksbank Meeting And High Issuance In The Nordics
Published 09/02/2013, 03:11 AM
Updated 05/14/2017, 06:45 AM
Riksbank Meeting And High Issuance In The Nordics
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