Danske Bank

Sanoma, the Finland headquartered media and publishing company, has retained support from its relationship banks in a €500m refinancing deal. But two banks did not return, as the group sought to slim down its syndicate.

Concerns over the exodus of real money investors from the covered bond market were put to rest this week as a series of deals met exceptionally strong demand, with the sea change in sentiment being most conspicuous in the French sector.

Swedbank and SEB this week launched deals that attracted the largest order books and the widest distribution of any covered bonds issued this year, along with the smallest concessions.

Danske Bank launched its largest ever share buyback on Tuesday, having exceeded its regulatory capital requirements by more than expected.

Commonwealth Bank of Australia (CBA) funded itself more cheaply with a 15 year covered bond than it did with a five year this week. It followed Swedish Covered Bond Corporation (SCBC) which issued at the same spread as earlier deals despite a market widening.

Five issuers from core Europe priced covered bonds this week but the standout success, which could have been priced without the European Central Bank’s help, was the first Austrian deal of the year from Erste Bank.

Daimler Canada Finance, a subsidiary of Daimler, made a rare outing in Norwegian kroner on Wednesday, printing a five year bond.

Pohjola Bank and NordLB paid slim new issue concessions for five year senior debt on Wednesday, but market participants pointed to the dangers of pushing spreads in too tightly.

Swedish telecommunications company Tele2 has retained all of the original lenders as it refinances a €800m revolving credit facility.

The Spanish treasury has named Danske Bank as a primary dealer for its government debt from January 1.

Finnish Stainless steel producer Outokumpu reduced the size of its revolving credit facility and pushed out maturities on other existing loan agreements as part of a wider deleveraging effort.

Finnish retail and property company Stockmann issued an €85m hybrid bond on Thursday, after announcing the deal on Tuesday.