Denmark
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◆ One of the widest euro IPTs this year in IG corporate ◆ Demand rises during book building ◆ Single digit new issue premium -
◆ Nykredit captures tight funding ◆ Issuer's last benchmark of the year ◆ Investors looking to pay the price to diversify into tight Nordic bank credits
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Sovereign achieved ‘significant milestone’ but market participants hope to see more
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◆ First EuGB from Denmark, won’t be its last ◆ 1.5bp greenium achieved versus conventional twin ◆ Sovereign deal 'completes EuGB asset class'
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Sovereign will issue more European Green Bonds in future, and peers such as the Netherlands may follow
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Capital raise consequence of the Trump administration's onslaught on renewables
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Deal reflects ‘new paradigm’ in SSA market where spreads to US Treasuries grind ever tighter
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◆ Sovereign serves up annual international deal ◆ Priced at only 4bp over US Treasuries ◆ Recent KfW deal was 'good template'
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◆ Novo Nordisk brings €6bn trade days after CEO leaves ◆ Tranches priced with similar premiums ◆ No sign of investor fatigue for jumbo corporate trades
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IG corporate investors have preferred bonds with higher ratings since tariff chaos began
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Agency's absorption by state part of a wider pattern of centralised Danish public sector funding
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Funding to be provided by Danish sovereign and agency will cease issuing bonds immediately, ‘an absolute shock’
