Danske Bank
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Swedish airline SAS has signed a Sk3.3bn ($336m) revolving credit facility backed by the Swedish and Danish states, as state support for airlines gets approval across Europe. -
Danske Bank was marketing a preferred senior bond on Tuesday, taking swift advantage of recent changes in Denmark that will allow banks to use these instruments to count towards their regulatory debt requirements.
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The Danish Financial Services Authority is softening its application of the minimum requirements for own funds and eligible liabilities (MREL) amid Covid-19, meaning the country’s largest banks could end up issuing half as much senior debt this year as might have been expected.
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The European Central Bank (ECB) gave lenders even more of an incentive to use its Targeted Longer-Term Refinancing Operations (TLTRO) this week, dropping the potential rate of funding down to minus 1%. But the unveiling of a new unconditional lending scheme set tongues wagging, with market participants debating which banks might use the money and what they might put it towards, writes Tyler Davies.
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Caisse Française de Financement Local (Caffil) has launched the first negative yielding covered bond since the onset of the coronavirus crisis in Europe, after linking the use of proceeds from the deal to fighting against the effects of the pandemic.
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Swedbank was paying less than fair value for a new euro senior deal on Friday, according to market participants, with the bank raising funding a day after publishing its first quarter results.
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A slide in euro and dollar MTN volumes has given Scandinavian banks the chance to propel themselves up the MTN leader board.
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The oil price slump on Monday spelt trouble for issuers in the already underperforming Norwegian krone bond market. Amid this turbulence, state-owned Norwegian airport operator Avinor flew in on Wednesday to print a Nkr2bn ($187.8m) dual floating and fixed tranche deal.
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Europe’s high grade corporate bond market faced one of its biggest tests on Wednesday, with France’s Auchan, which operates in the heavily disrupted retail sector, getting a deal away with one of the larger new issue concessions seen in recent weeks.
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Sweden’s Alfa Laval has amended its revolving credit facilities, with the heavy industry products maker consolidating two old deals into one €900m revolver.
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Fashion retailer H&M has signed a €980m revolving credit facility to sit alongside its existing main bank line, as the Swedish company becomes the latest to turn to the bank market to bolster its finances during the coronavirus pandemic.
