External broker reports, Nordea

Nordea

External broker reports

External broker reports(aggregated public sources)

Nordea is the bank in the Nordics dedicated to serving corporations and institutional customers. Our offering includes a diverse range of financing, cash management and payment services, investment banking, capital markets products, securities services and more. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Macroeconomics

<ul><li>Since our latest XCCY publication; the tight levels of EUR prints by Norwegian issuers resulted in additional EUR prints from Scandinavian issuers.</li><li>Overall issuance from Norway was approx. 3x that of last year incl. covered prints. Swedish names also printed in EUR, but the trend continues with less issuance compared to last year.</li><li>USD issuance YTD has been elevated compared to previous years with an uptick from last year by non-USD issuers printing in USD. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Since our latest XCCY publication; the tight levels of EUR prints by Norwegian issuers resulted in additional EUR prints from Scandinavian issuers.Overall issuance from Norway was approx. 3x that of last year incl. covered prints. Swedish names also printed in EUR, but the trend continues with less issuance compared to last year.USD issuance YTD has been elevated compared to previous years with an uptick from last year by non-USD issuers printing in USD. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FX & Rates

<ul><li>Norges Bank just announced that they will keep the daily NOK sales unchanged at 350 million per day in March.</li><li>This was as expected and we believe that NOK sales will remain broadly the same, as the Government is expected to have a larger (petroleum) income than the budget deficit.</li><li>Today’s announcement did not move the NOK which confirms that NOK sales have moved into the background.Lately, interest rates have been the main driving factor of NOK.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Norges Bank just announced that they will keep the daily NOK sales unchanged at 350 million per day in March.This was as expected and we believe that NOK sales will remain broadly the same, as the Government is expected to have a larger (petroleum) income than the budget deficit.Today’s announcement did not move the NOK which confirms that NOK sales have moved into the background.Lately, interest rates have been the main driving factor of NOK.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Norges Bank just announced that they will keep the daily NOK sales unchanged at 350 million per day in February.</li><li>This was broadly as expected, although we wouldn’t be surprised if the NOK sales were increased a bit today.</li><li>After the large reduction of NOK sales from the new year, Norges Bank NOK sales will likely remain broadly the same throughout 2024 as the Government is expected to have a larger (petroleum) income than the budget deficit.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Norges Bank just announced that they will keep the daily NOK sales unchanged at 350 million per day in February.This was broadly as expected, although we wouldn’t be surprised if the NOK sales were increased a bit today.After the large reduction of NOK sales from the new year, Norges Bank NOK sales will likely remain broadly the same throughout 2024 as the Government is expected to have a larger (petroleum) income than the budget deficit.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thematic (Sector/Industry)

<ul><li>Norges Bank kept its key rate unchanged at 4.5% today with no change in the conclusion vis-à-vis December:</li><li>“Based on the Committee’s current assessment of the outlook and the balance of risks, the policy rate will likely be kept at that level for some time ahead.</li><li>"When it comes to the risks to the outlook for the key rate, the central bank again repeats that a weaker NOK than expected could lead to a new hike</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Norges Bank kept its key rate unchanged at 4.5% today with no change in the conclusion vis-à-vis December:“Based on the Committee’s current assessment of the outlook and the balance of risks, the policy rate will likely be kept at that level for some time ahead."When it comes to the risks to the outlook for the key rate, the central bank again repeats that a weaker NOK than expected could lead to a new hikeContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Since the last publication, the XCCY basis market has experienced a year-end turn, which turned out to be a bit different than prior years.</li><li>Some of the highlights were, USD trading almost without any turn-price and the usual low level for SEK basis was only a fraction of what we were used to see.</li><li>In the last part of 2023 EUR/USD basis trended higher and higher and ended the year at historical high levels.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Since the last publication, the XCCY basis market has experienced a year-end turn, which turned out to be a bit different than prior years.Some of the highlights were, USD trading almost without any turn-price and the usual low level for SEK basis was only a fraction of what we were used to see.In the last part of 2023 EUR/USD basis trended higher and higher and ended the year at historical high levels.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Norway

The Norwegian krone is the official currency of the Kingdom of Norway.  The US dollar is the official currency of the United States of America.

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NOK (USDNOK CURNCY)

Nordea XCCY publication: May Edition

Since our latest XCCY publication; the tight levels of EUR prints by Norwegian issuers resulted in additional EUR prints from Scandinavian issuers.

Nordea

NOK Update: Sideways for now

Today’s announcement did not move the NOK which confirms that NOK sales have moved into the background.Lately, interest rates have been the main...

Nordea

NOK Update: Monetary Policy Is Key

Norges Bank just announced that they will keep the daily NOK sales unchanged at 350 million per day in February. This was broadly as expected,...

Nordea

Norges Bank Review: Nothing new

"When it comes to the risks to the outlook for the key rate, the central bank again repeats that a weaker NOK than expected could lead to a new hike

Nordea

Nordea XCCY Publication: Q1-2024

Since the last publication, the XCCY basis market has experienced a year-end turn, which turned out to be a bit different than prior years.

Nordea

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