Danske Bank
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This week was the busiest of the year so far for bank senior supply in euros, as issuers took advantage of strong market conditions after posting full year results. -
H&M, the Swedish clothing retail company, has received blowout demand for its debut bond, as the “perfect storm” of ESG criteria and European Central Bank rule changes to allow it to buy sustainability-linked bonds saw the order book bulge to almost 11 times subscribed at guidance.
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UBS and Santander Consumer Finance found a combined €8.15bn of demand across the senior curve on Monday, printing deals between five and twelve years in tenor. With market conditions good, bankers expect more deals to follow.
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Hennes & Mauritz, the Swedish clothing retailer, has chosen to issue its first ever bond in the novel sustainability-linked format.
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SpareBank 1 SMN’s second green bond, priced on Thursday, is set to spark a flurry of similar green deals as issuers try and take advantage of the demand on offer for labelled debt — even at near-term tights.
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Castellum, a Nordic real estate company, has failed in its bid for Norwegian rival Entra, leading to the cancellation of $3.5bn-equivalent of bridge financing.
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Norway comfortably set a new order book record as it came to the market for just its fifth ever syndicated transaction on Wednesday.
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Norway’s Sparebank 1 SMN is set to return with its second green bond in the coming days, becoming the third Nordic issuer to tap the public market this year.
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Norway began taking indications of interest on Tuesday for its fifth ever syndicated transaction as it continues its path towards becoming a regular issuer of public benchmark bonds.
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Market participants expect banks will return with a flurry of senior transactions after results this week, as rising yields help to lift primary demand.
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Danske Bank slipped in ahead of a post-earnings supply rush on Monday to issue a new tier two note at flat to fair value. According to one banker, the deal showed that investors were still willing to take on risk even as spreads near record lows.
