Danske Bank
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The troubled Swedish landlord is targeting an €800m market cap for its residential real estate arm -
◆ IBB has clear curve-building strategy ◆ Offers attractive pricing against KfW and Länder ◆ Five year tenor pulling in accounts
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◆ ABN senior preferred green draws 'respectable' book ◆ LBP finds French risk aversion ◆ Danske FRN has slim subscription
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◆ Pricing tight despite 'conservative' start ◆ Dollar market still has the edge over euros ◆ Fellow European agency prints in euros
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A busy pipeline is forming in the SSA market as the EU preps its next scheduled transaction
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◆ More tightening ‘doesn’t feel like the right thing to do’ ◆ New framework maintains dark green rating ◆ Dollar FRN on the table
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◆ Kommuninvest spread surprises bankers ◆ KommuneKredit takes twice covered book ◆ ‘A tough one at the moment’ for euros
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Bankers split on expectations as ‘everyone has been in the market’
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◆ Ten year Länder paper widens against KfW ◆ Deal strikes balance between size and price ◆ Investors on board despite deeply negative OAT spread
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Agency is now 65% funded with another deal planned for a couple of months’ time
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Investors are cautious but the deal is “a good test" of the current environment
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Issuer to stick to usual pattern with last syndicated benchmark of the year
