Danske Bank
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Issuance in the financial institutions bond market had a preferred senior flavour this week, with issuers finding this the most cost-effective funding compared with other asset classes. In addition, some of them can use it to fulfil regulatory requirements. -
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Nordea Bank and Erste Group Bank were marketing preferred senior bonds on Wednesday, finding demand in the seven year part of the curve following a flurry of five year deals earlier this week.
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SBAB Bank found plenty of room to tighten the pricing on a new preferred senior deal in euros on Wednesday, after investors welcomed the trade’s green credentials.
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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.
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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.
