Danske Bank
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Morten Skaaning has returned to Danske Bank’s debt capital markets syndication desk after spending nearly three years at Arbejdernes Landsbank. -
Two European IPOs reached conclusions on Friday, March 31. That of Ambea was heavily oversubscribed, while UniEuro's had to be shrunk and restructured to get it over the line.
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European bank issuers of additional tier one (AT1) have been abandoning the euro market in favour of dollars. But some have had to start embracing equity conversion structures to join in because it is one of the few ways to account for AT1s as debt and avoid a mark-to-market swap.
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Danske Bank was looking to raise $750m of new capital in its first equity conversion additional tier one (AT1) on Tuesday, as it dipped into a huge pool of demand in the Reg S market.
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Ambea, the Nordic healthcare provider, has announced the terms for its IPO on Nasdaq Stockholm, which could give it a valuation of up to Skr5.07bn (€530m).
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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.
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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.
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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.
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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.
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Two Yankee banks hit the dollar market so ensure that the pace of issuance continued to outstrip last year.
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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.
