Danske Bank
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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. -
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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Guarantor: All Danish municipalities and regions
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Since Danish transport and logistics company AP Møller-Maersk last visited the bond market, both Standard & Poor’s and Moody’s have downgraded its ratings and put them on negative watch. However, it has still managed to issue its longest maturity deal so far in euros, alongside a tender offer.
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The European Investment Bank printed a €5bn 10 year benchmark on Wednesday — the second largest deal of the year from a non-sovereign SSA issuer — dispelling any lingering concerns over the market’s reaction to the Italian election result.
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Technopolis, the Finnish office space company, has signed a €518m multi-tranche loan, swapping most of its bilateral bank debt lines for syndicated funding.
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Kommunekredit has printed a €1bn five year note — but two more SSA borrowers are lining up further out in the curve.
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Since Danish transport and logistics company AP Møller-Maersk last visited the bond market, both Standard & Poor’s and Moody’s have downgraded its ratings and put them on negative watch. However, it still managed to issue its longest maturity deal so far in euros, alongside a tender offer.
