Danske Bank

Financial issuance got underway in the euro primary market on Wednesday, with borrowers keen to bring forward ESG-labelled bonds in the first deals of the week.

Norwegian borrower Storebrand was the only financial name on screen in euros on Monday as the FIG market paused after the busiest week of the year so far.

Danish firm Nykredit Realkredit tapped the MTN market for non-preferred paper this week ahead of a deadline for regulatory debt buffers next year. Elsewhere, Alandsbanken issued its first additional tier one (AT1) note.

Europe’s high grade primary bond market was pumping out deals with double figure new issue concessions on Tuesday, though German real estate company Vonovia’s planned debut green deal will test whether ESG demand is still rampant enough that the borrower won't have to offer extra.

World Bank and KfW sold socially responsible bonds in Scandinavian currencies on Tuesday.

The Bank of Montreal marked International Women’s Day with a Canadian dollar women in business bond this week — its first domestic issue off its sustainability framework.

Trustpilot, the global review platform, has announced plans for an IPO on the London Stock Exchange, continuing the strong run of tech IPOs in Europe.

NatWest expanded its environmental, social and governance (ESG) offering with its debut social housing bond this week, the first from a UK financial issuer, landing the €1bn deal well through fair value.

Tryg Forsikring found strong demand for a new restricted tier one (RT1) bond in the Swedish market on Wednesday, as it looked to optimise its capital structure in preparation for the purchase of RSA Insurance Group’s Nordic businesses.

NatWest Group sold the first social housing bond from a UK financial issuer on Tuesday, attracting a highly granular peak order book of over €4.5bn. Investors have latched onto environment, social and governance (ESG) linked bank supply over the past few weeks, with two more labelled deals set to follow in the coming days.

A pair of sovereigns privately placed century bonds this week, with one of the borrowers — Ireland — dipping below the 1% point for the first time at this sort of tenor.

Hennes & Mauritz, the Swedish clothing retailer, earned blowout demand for its sustainability-linked debut bond, but bankers off the trade said on Thursday that the exuberance was indicative of just how far capital markets have strayed from reality.