Danske Bank

Danske Bank will sell its first ever additional tier one with an equity conversion trigger this week, as it looks to target the dollar market for bonds it can still account for as debt.

While low oil prices have caused financial problems for many borrowers in the Nordic high yield market, the opposite has been true for the unrated Finnish airline Finnair, which will open a roadshow for a sub-benchmark sized offering on Friday.

BNP Paribas Fortis issued Belgium’s first covered bond of the year on Thursday, taking advantage of the strong market conditions that followed Dutch elections to price a €500m seven year with a tiny new issue concession.

Crédit Agricole Cariparma is expected to issue the first Italian covered bond of the year after it mandated leads for an eight and 12 year which is likely to be launched on Tuesday. The offering takes advantage of technically squeezed market conditions exacerbated by the lack of peripheral European supply.

Two Yankee banks hit the dollar market so ensure that the pace of issuance continued to outstrip last year.

BNP Paribas Home Loan SFH made a rare foray into the covered bond market on Wednesday, selling a €500m long seven year deal that was priced well through the French government bond curve.

A triumvirate of covered bond issuers from Denmark and Norway enjoyed stellar demand for their euro covered bond benchmarks this week.

After four busy weeks, European corporate bond market on Wednesday was deserted but for a benchmark deal from Avinor, the Norwegian state-owned airport operator.

Investor AB, a Swedish industrial holding company, has signed a new five year plus one plus one revolving credit facility for a capped size of Skr10bn ($1.13bn).

Christian Hansen, head of equity capital markets Denmark at Nordea, has left the bank on Thursday this week, in order to join Danske Bank in the summer.

SpareBank1 Boligkreditt, Aareal Bank and Nordea took advantage of strong demand for five year paper to issue oversubscribed deals this week, paying virtually no new issue concession.

Sparebank 1 Boligkreditt and Aareal Bank issued well oversubscribed covered bonds on Wednesday, paying virtually no new issue concession. Both banks took advantage of enduring demand for five year tenors, while for Aareal the issue was cheaper than the European Central Bank’s term liquidity.