Danske Bank
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Danske brought its first ever senior non-preferred deal on Monday after it was unexpectedly postponed a fortnight ago, as supply looked set to surge in the FIG market this week. -
Banks are expected to pile back into the capital markets with new bond issues next week, having so far been sidelined by a number of public holidays in May.
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Sydbank is preparing to sell its first additional tier one bond in the euro market, complementing plans to optimise its capital structure via share buy-backs.
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Contractual features aligning newly issued senior bonds with as yet unsigned rules on bail-ins are likely to prove popular in the coming months, as financial institutions look to accelerate their bond issuance for the minimum requirement for own funds and eligible liabilities (MREL). Tyler Davies reports.
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The Danish Financial Supervisory Authority (FSA) has raised Danske Bank’s capital requirements by Dkr5bn ($810m) after concluding that the bank’s management has not done enough to combat money laundering at its Estonian branch.
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Danske Bank had to postpone its inaugural sale of non-preferred senior debt this week, owing to technical issues with its bond documentation.
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Danske Bank has announced a mandate for a senior bond that will become non-preferred once Danish legislation comes into force. Nordea is also expecting to issue ahead of national law, but its debt would classify as non-preferred straight away.
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Bookrunners revealed more than €3bn of new speculative grade deals from seven issuers in the European high yield market this week. Coupons are slowly widening in the primary market, but they are still hitting issuers’ pricing targets, said market participants.
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German building materials company HeidelbergCement sold its first trade of 2018, replicating its last deal of 2017. It also priced the new deal at a spread close to that it paid in 2017.
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Two supranational borrowers used niche currency private placements this week to raise cash for their green projects.
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This week has not looked like anyone’s ideal opportunity for issuing corporate bonds in Europe, especially a challenging debut hybrid with a speculative grade rating. But Akelius, the Swedish housing company, saw a chance and pushed ahead.
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