Danske Bank
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Europe’s equity block trade market made an impeccable start to its autumn season on Wednesday night, when two repeat sellers brought trades in familiar, recently floated stocks, and both found strong demand. -
Goldman Sachs is soon to close a block trade of its Dong Energy shares, its third sale since the IPO, with price guidance standing at Dkr320 to Dkr322 a share.
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A pair of issuers sold high quality euro deals into an eager market on Wednesday, drawing praise from onlookers for impressive books.
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The European Financial Stability Facility (EFSF) picked up €2bn with a 23 year bond on Tuesday, paving the way for other top-flight borrowers to bring their own euro deals.
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KfW returned to the Norwegian krone market on Tuesday, increasing a two year Nokkie line by Nkr500m ($64.7m). International buyers are returning to the currency, largely as a consequence of stabilising oil prices. But bankers are sceptical that issuance levels will return to the heights reached before the collapse of Brent crude prices.
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The Nordic Investment Bank issued its largest Swedish krona environmental bond on Wednesday as demand for socially responsible investments grows in Scandinavia.
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AR Packaging, the Swedish maker of packaging for food, increased its LBO loans with a dividend recapitalisation deal on Tuesday. The move follows a trend of loan borrowers taking on more leverage ahead of new European Central Bank guidance on leverage limits.
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A week long roadshow and investor meetings in six countries paid off for Swedish debt collector Intrum Justitia, which sold the bond to fund its merger with Lindorff with an average coupon of below 3% on Friday.
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It is often suggested that issuers have to pay up for issuing sub-benchmark sized deals. However, this week two corporate issuers printed successful €300m transactions with little discernible premium compared to benchmark transactions.
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Tennet, the Dutch electricity grid company, brought a €1bn dual tranche green bond issue today that was oversubscribed, but by less than has been common, suggesting that demand for corporate bonds may be cooling.
