Danske Bank

Sweden’s Lundin Petroleum has slashed 90bp off the margin of its $5bn reserves-based lending facility, as borrowers continue to heap pressure on lenders over pricing.

Danske Bank entered the market on Tuesday, selling $1.75bn of senior non-preferred debt across three tranches, in its third transaction in the format in the space of less than a month.

The world’s largest salmon producer, Marine Harvest, sold the Nordic fish farming industry’s first bond for five years last week and as the industry scales up sources say a wave of issuance from the sector could be on the way.

Telecoms company TDC fired the opening shot of a multi-billion funding package for its leveraged buyout this week, with some investors showing mixed feelings about such deals.

Danske Bank is looking to issue two tranches of senior non-preferred debt in Swedish kronor, fresh from issuing its first such instrument in euros this week. It had been expected to issue several weeks ago but pulled back from the market.

Hermes has launched a European direct lending fund, as the investment manager looks to carve out part of a market that has recently reached record highs by volume.

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.

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.

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.

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.

Danske Bank had to postpone its inaugural sale of non-preferred senior debt this week, owing to technical issues with its bond documentation.