Danske Bank
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After 10 days of very scanty issuance and some weak markets, more stable conditions on Tuesday brought a salvo of five deals to the euro corporate bond market, offering a wide range of single-A and triple-B credits. -
Companies wanting to issue bonds in Europe this week will have to shoot their deals through narrow gaps between holidays, as Thursday is a holiday in several European countries, including France, Germany and the Netherlands.
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Swedish agency Kommuninvest has mandated three banks to run its forthcoming Swedish krona green bond. The issue will be its seventh green bond, and its fifth in Swedish kronor.
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The recent redemption of a Norwegian government bond has led to an increase in Nordic currency issuance this week, according to one MTN banker. The European Investment Bank and KfW tapped these released funds to raise a combined Nkr1.5bn ($171.2m).
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Denmark is likely to become the next European member state to scrap its policy of allowing the interest payments on deeply subordinated capital instruments to be tax deductible. The move comes after the European Commission voiced its concern that the practice could constitute a breach of state aid rules.
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Ireland set a new order book record when it issued a curve-extending long 30 year bond on Thursday.
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Ireland appointed banks on Tuesday for its second syndicated bond of the year, which will extend its euro benchmark curve to 2050 (31 years).
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Swedish krona levels look attractive compared to euros, say bankers, leading to a raft of large deals being printed at the short end. Swedbank and Deutsche Pfandbriefbank both benefited from these levels when they printed covered bonds this week.
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Danish agricultural company Dansk Landbrugs Grovvareselskab (DLG) entered the Schuldschein market on Monday, in search of at least €100m.
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Finnish chemical company Kemira has signed a €400m revolving credit facility, becoming the latest firm to switch its bank debt to sustainability-linked margins.
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The African Development Bank’s inaugural Norwegian krone bond, the first ever social bond in the Norwegian market, could pave the way for further social issuance in the sector.
