Senior set for uptick as Sparebank 1 SMN brings fixed rate debut

15 Feb 2013

Sparebank 1 SMN printed its first fixed rate senior unsecured bond on Thursday, pulling in €1.3bn of orders after starting out with a big premium to fair value. Bankers welcomed the sorely-needed primary supply, and they expect more to follow next week in the shape of core European borrowers.

"The Sparebank 1 SMN trade should get the market moving a bit," one head of FIG syndicate told EuroWeek. "That was the trade everyone was waiting for and expecting, but it was a smaller deal from a smaller issuer and I still think whoever opens books on Monday ...

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