Danske Bank

Companies with high carbon emissions are preparing for the risk that they could have to pay more to access capital markets, if investors and banks retreat from fossil fuel-heavy businesses, and even divest altogether — as Aviva has threatened to do. Some issuers will use investor relations drives and labelled financings, but ultimately they will have to find common ground with investors on how to transition to low carbon.

Portugal mandated banks on Tuesday to lead the sale of a new 30 year bond as it looks to pounce on the strong investor appetite in the long end of the euro curve.

Danske Bank’s new large corporates and institutions business, headed by Berit Behring, took effect on Monday, with three global client-facing divisions. Loans — grouped with primary and secondary equities and the advisory business — is in a different division from bonds.

The euro public sector bond market has got off to a busy start to February. Three eurozone sovereigns have announced syndicated issues, while the European Financial Stability Facility made a €2bn intraday tap on Monday to round off its first quarter funding target.

Ambu, the Danish medical equipment company, has raised Dkr1.3bn ($212m) via the sale of new stock to fund a deleveraging of its balance sheet.

Banque Internationale à Luxembourg (BIL) ventured into the Swedish and Norwegian markets for the first time this week. With many of Europe's big banks absent from the MTN market this year, dealers are instead chasing more unusual deals from rarer names.

Sagax, the Swedish commercial property company, and UK social housing firm Great Places have mandated for sub-benchmark sized deals, in what is likely to be a curtailed week for issuance in the corporate bond with a European Central Bank meeting on Thursday.

UniCredit raised €2bn of preferred senior funding with a careful trade on Tuesday, as investors come to terms with a new pricing paradigm in the bank bond market.

The European Central Bank is expected to announce an extension to its Targeted Longer Term Refinancing Operations (TLTRO III) on Thursday, with this week's meeting long flagged as one for action. Any extension to either the duration of the programme or the minus 1% special interest period will ease the pressure on banks to repay borrowed funds early next September.

The FIG pipeline has slowed to a drip, with the upcoming ECB meeting and Brexit talks bookending what could be the last week of open windows for issuance.

The UK’s SSE Renewables and Norway’s Equinor, two energy companies, have signed what lenders say is the largest ever offshore wind project financing, a £5.5bn package for a wind farm off the UK coast.

Nederlandse Waterschapsbank and Kommuninvest will both take to the dollar market this week, sneaking in ahead of the Thanksgiving holidays.