Danske Bank

Coventry Building Society received a strong reception for the first euro-denominated covered bond from a UK issuer since the UK referendum to leave the European Union. Despite cheaper funding alternatives, the deal demonstrated Coventry’s strategic commitment to the euro market.

DNB Boligkreditt got the Nordic covered bond market off to a blistering start on Wednesday with a €2bn five year deal that leads were able to tighten by 5bp from initial guidance.

DNA, one of Finland’s largest telecommunications companies, closed at €10.10 on its stock exchange debut on Thursday, after pricing its €413m IPO in the lower middle of its range.

In another sign of the cautious mood gripping the IPO market in Western Europe, Varta AG, the German microbatteries maker, has called off its €150m Frankfurt IPO. Yet the Nordic market continues to show its resilience, as three successful flotations reach their conclusion this week.

DNA, one of Finland’s largest telecommunications companies, has revised the price range for its Helsinki IPO to the lower middle end of its initial range, having gathered a book two thirds made up of foreign investors.

The African Development Bank and FMO took advantage of a maturing Scandinavian SRI investor base this week, printing SRI bonds worth Skr1.25bn ($135.1m) and Skr700m respectively.

Coventry Building Society has mandated leads for a roadshow ahead of a possible €500m seven year covered bond. The announcement follows further rates volatility and the withdrawal of most bids in the secondary market.

FMO has raised Skr700m ($75.4m) with its first sustainability bond in the Swedish currency.

FMO is set to raise a minimum of Skr500m ($54.25m) with a seven year sustainability bond on Tuesday, while KfW plans to bring a dollar green bond.

Oesterreichische Kontrollbank printed a Nkr500m ($59.2m) four year note on Thursday. After a month when KfW, Nordic Investment Bank and Rentenbank placed bonds in the Nokkie market, OeKB knew there were investors prepared to fund European agencies.

Commerzbank returned to the covered bond market on Wednesday to issue its fourth deal of the year. Although order book granularity was less than usual, the €500m long six year was priced tightly and the quality of interest was high.

Oesterreichische Kontrollbank mandated Danske Bank to raise a minimum of Nkr500m ($59.2m) for a four year Nokkie note on Tuesday.