Danske Bank
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The ESG loan market has had a busy week, with Swedish ingredients company AAK and German container shipping firm Hapag-Lloyd agreeing sustainability-linked and green debt. -
AAK, an ingredients company in Sweden, has renewed its €400m revolver, adding sustainability-linked metrics to the deal for the first time.
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Hybrids and crossover rated corporate bond issuers hit screens this week, as the thirst for yield returned to the European market.
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Sweden became the latest European sovereign to access the ultra-long end of the curve this week as it launched its first 50 year bond, opening up the long end of the krona curve for other highly rated names.
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The two riskiest issuers in Europe’s corporate bond market on Wednesday both opted for size over pushing hard on pricing. Poste Italiane with its hybrid capital issue and crossover-rated Finnish nuclear power company Teollisuuden Voima priced bigger than expected deals.
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The African Development Bank sold its first kangaroo bond in social format on Tuesday as supply of ESG-labelled bonds in niche currencies by public sector borrowers gathers pace.
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Two issuers in Europe’s high grade corporate bond headed to the short part of their curves on Monday as inflation worries continue to rattle the market ahead of the European Central Bank meeting on Thursday.
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Danske Bank found a smooth ride in the non-preferred senior market on Wednesday, even as investors started to wonder about relative value in the asset class.
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ESG trades were again the dominant format in Europe’s high grade corporate bond market on Thursday, with railway product maker Wabtec Transport and property developer Citycon printing green debt.
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European banks made the most of an improving tone in the euro market this week, piling on top of one another to access funding in a small but supportive window.
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Investors backed a small additional tier one deal from Jyske Bank on Wednesday, allowing the Danish bank to squeeze its coupon into a tight level.
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Sinch, the Swedish cloud-based communications services company, has raised Skr9.4bn (€926m) to fund M&A opportunities following an overnight share sale anchored by major investors.
