Danske Bank
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Sweden’s Gränges has signed $391m-equivalent of loans in krona and dollars, as the rolled aluminium company refinances a US acquisition bank facility. -
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A reverse enquiry was the catalyst behind KfW’s decision to print its first Swedish krona note of the year on Wednesday — one of the largest krona deals issued by the German agency.
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Jyske Bank said it was "proud" to have hit its targets with a new additional tier one in the Swedish krona market last week, but a slow bookbuilding process showed how recent money laundering scandals are affecting Nordic financial institutions in the capital markets.
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Public sector borrowers were able to achieve zero or negative new issue premiums and close books early in the euro market on Tuesday as investors piled into haven assets amid a weaker outlook for global growth.
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A strong Swedish market led the City of Stockholm to place its first private trade of the year on Monday. The Skr2.5bn ($268.4m) note was its largest non-syndicated issue since 2012.
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Guarantor: Swedish local government members
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Kommuninvest built out its Swedish krona green curve benchmark this week with its longest dated bond in the format. There is, however, an expectation that this Skr3.5bn ($382.3m) five year green bond could be the curve’s furthest extent.
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Danske Bank and Crédit Agricole took a combined €2bn of tier two debt out of the market on Tuesday, while Bawag was also active on a busy day for FIG syndicates.
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The green bond market is still simply too small for its investors to be discerning.
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Danske Bank attracted impressive levels of demand for its debut green bond on Tuesday and managed to price the deal flat to fair value. Market participants said that green-specific accounts will have helped the transaction gain momentum, even if funds with environmental, social and governance (ESG) mandates are still smarting over the bank’s alleged involvement in a high profile money laundering scandal.
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Norwegian Air Shuttle, the Norwegian airline, has priced its heavily discounted Nkr3bn (€308m) rights issue receiving a high take-up from shareholders, despite safety concerns over some of its fleet and heavy shorting of the stock.
