Daring issuers bask amid buoyant mood

The positive mood of the FIG market for the last few weeks is again evident with large order books greeting issuers who have decided to venture into the market. Nordea priced a Eu2bn unguaranteed five year yesterday at 185bp over mid-swaps with a Eu3.65bn book — and the bonds are already 7bp tighter. In the guaranteed market, the leads have gone out with guidance on the Erste Bank two year deal at 55bp to 58bp while the books have closed on Caja de Ahorros del Mediterraneo’s Eu1bn three year. To read a full account of how the market fared this week, read EuroWeek on Friday.