Danske Bank
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Europe’s high grade corporate bond investors clamoured for spread this week, with low triple-B rated companies Aker BP and Holding d’Infrastructures de Transport (HIT) finding ample demand a day after Eni had sold hybrid debt. -
Europe’s high grade corporate bond investors showed for the second day in a row on Wednesday how hungry they are for spread. Low triple-B rated credits Aker BP and Holding d’Infrastructures de Transport both increased their bond issues after bumper demand.
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Pandora, the Danish jewellery maker, has signed a €950m sustainability-linked loan and in the process become the latest company to repay, early, coronavirus pandemic crisis funding taken out last year.
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Cloetta, the Swedish confectionery maker, has refinanced krona and euro bank debt while reducing its bank fees by halving its revolving credit facility.
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Finnair has renegotiated the covenants on its €175m revolving credit facility, as the company endured a quarter of sizeable losses and increased its annual cost savings target for the third time since the coronavirus pandemic began.
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The MTN market’s increasing focus on SSA issuance over the last year will ensure a steady flow of deals through the upcoming bank reporting season.
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Danfoss, a Danish engineering firm, and UK bottling company Coca-Cola European Partners found the biggest demand at longer maturities in their multi-tranche bond issues on Wednesday, as inflation fears fade from Europe’s corporate debt market.
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A handful of borrowers are circling the Nordic markets with an eye to printing after the end of first quarter results. But the looming blackouts have not deterred every type of credit from tapping the market as a range of corporate, covered bond and financial issuers placed paper this week.
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Austria took centre stage in the euro sovereign bond market this week with the sale of its first ever four year benchmark alongside a new 50 year deal to complete its curve.
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Norwegian krone SSA supply is outpacing Swedish kronor so far this year, driven in part by a demand for zero risk weighted assets in the market. Among the latest names to access the Norwegian market is the African Development Bank, which sold a new social bond as part of a dual-currency issue.
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Esoteric names from the FIG market are expected to fill the post-Easter issuance pipeline to take advantage on the constructive market conditions on offer.
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