Danske Bank

FIG bankers say that market conditions are ripe for capital deals, but that issuers are starting to run out of room for more subordinated debt.

Activity in the financial institutions bond market has picked up this week after a long pause in euro supply. Danske Bank and Belfius Bank were among the names looking to capitalise on the improving market conditions on Wednesday.

Finland was on track to receive its biggest ever book for a syndication as it came to the market with its third euro benchmark of the year on Wednesday.

Jakob Groot has left Danske Bank, with Berit Behring taking charge of a newly created division for large corporate and wholesale customers.

The European Investment Bank re-opened the primary euro public sector bond market with a decent outing in the 10 year part of the curve on Tuesday. Finland is next up, hitting screens for a deal of the same tenor expected on Wednesday.

One of the more unusual green bonds of 2019, the $125m high yield issue for Teekay Shuttle Tankers, which operates ships serving the offshore oil industry, was tapped on Friday for $75m under the company's new name of Altera Shuttle Tankers.

Sweden began a series of calls with investors on Wednesday as it prepares to issue its highly anticipated inaugural green bond through syndication later this month.

Danish banks say they could replace non-preferred senior debt with preferred senior bonds in the second half of 2020, after Denmark’s national supervisor relaxed minimum requirements for own funds and eligible liabilities (MREL).

FIG deal arrangers say the euro market could reopen for business as early as next week, with more investors set to return from their holidays.

Northvolt, the Swedish battery maker, has signed a $1.6bn credit facility. A range of lenders — from commercial to governmental — piled into the deal, which will effectively create a new industry in Europe.

Smaller loan loss provisions and high capital ratios have helped Nordic lenders to kick off European bank earnings season in a positive fashion. But analysts are cautious about drawing any conclusions for the rest of the sector.

Electricity Supply Board, the Irish utility, tapped its June 2030s on Wednesday, with the borrower one of a handful of credits taking advantage of sharply positive sentiment on the back of a potential coronavirus vaccine breakthrough.