Danske Bank
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Five new investment grade corporate bond deals were priced on Tuesday and, while pricing was competitive, none of the issuers allowed for any growth in the size of the deals as all five used a no-grow strategy. -
The World Bank has raised Skr1.2bn ($150.2m) with a five year sustainable bond, following up a $350m private placement sold to Folksam Group last week.
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The euro SSA market reacted with commendable calmness to the Dow Jones’s worst day in six years on Monday but moves in the secondary market on Thursday showed that “vol isn’t dead”, according to one head of SSA DCM.
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A pair of euro borrowers braved a tricky market on Tuesday, raising a combined €4bn despite heavy weather in government spreads. One opted for a defensive pricing strategy, while the other attempted to squeeze investors.
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The US Treasury has said that Russia’s bond market is too important to global financial stability to sanction under Directive 1, which is the “most positive scenario for Russian financial instruments,” according to analysis by Danske Bank.
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Swedish healthcare company Capio has given its revolving credit facility a shot in the arm by amending and extending it, increasing it by 45% to €343m-equivalent and extending its maturity by 2.5 years.
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The closest things to European corporate bond issues in euros on Thursday were a €200m sole-led issue for Deutsche Telekom, reported by Dealogic, and a €500m floater for LeasePlan, the Dutch car leasing bank.
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A growing enthusiasm behind sustainable debt issuance has been adding to supply volumes in Swedish krona market in 2018, with the European Investment Bank tapping a Climate Awareness Bond this week.
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The euro market, despite an increasingly hawkish central bank and strengthening euro, is proving immensely popular with borrowers. A pair of sovereigns hit screens on Monday for euro trades, as did two Nordic agencies.
