Nordic banks to issue eur 100bn in senior non preferred debt
Nordic Credit Rating (NCR) estimates that Nordic banks will need to issue nearly €100bn in senior non preferred (SNP) debt instruments through 2022 for all banks in the region to comply with existing and expected national regulations for minimum requirement for eligible liabilities (MREL) in accordance with the EU crisis management directive in the Nordic countries. This would entail a 14-fold increase from existing SNP issuance by Nordic banks, but would represent less than half of outstanding senior unsecured debt, which should allow a smooth transition given stable funding markets.“The
