Danske Bank
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Covered bond borrowers in the UK, Sweden, France, New Zealand and the Netherlands met with strong receptions for their transactions this week, which collectively raised nearly €6bn.
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ABN Amro issued the largest 15 year euro covered bond in a decade and priced it as Bund prices rallied to historic highs, igniting a search for yield.
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The European Union proved that for the right issuers there is considerable demand at the 15 year point of the curve, with the Joint Länder planning a return to the market with a seven year benchmark for the first time since a mooted deal in February stalled. -
LeasePlan Corp, the Dutch car finance bank that recently struggled through tough bond market conditions to price a €1.55bn subordinated high yield deal to finance its takeover by a group of institutional investors, had a very different experience on Monday when its first senior bond issue since the takeover was a huge hit with investors.
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The recent turnaround in market sentiment could feed into a busy start for FIG borrowers in the second quarter, but Danske Bank was the only financial institution to take advantage in euros this week, soaking up demand for its tightly priced five year senior deal.
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Finnish property investment firm Sponda has completed its €221m rights offering, which it first announced in late February and which will be used to partially repay a bridge loan.
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Danske Bank’s €1bn five year senior transaction was more than four times subscribed on Wednesday, as the Danish borrower took advantage of a strong market open to launch the day’s only FIG deal in the European primary market.
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Two borrowers from Denmark and Norway launched their first euro denominated covered bonds this week, expanding the number of issuers to a new record.
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After a quiet week in which only two benchmark deals took place — including a debut euro benchmark from Finland's Municipality Finance — the sovereign, supranational and agency market is eagerly awaiting a deal from the European Stability Mechanism.
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KommuneKredit has printed a no-grow €1bn seven year from an oversubscribed book, becoming the second Nordic agency to do a euro benchmark deal this week.
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KommuneKredit is set to print a seven year euro deal on Wednesday, following a debut euro benchmark from Municipality Finance in the form of a €1bn October 2021 on Tuesday.
