Denmark

◆ Novo Nordisk brings €6bn trade days after CEO leaves ◆ Tranches priced with similar premiums ◆ No sign of investor fatigue for jumbo corporate trades

IG corporate investors have preferred bonds with higher ratings since tariff chaos began

Agency's absorption by state part of a wider pattern of centralised Danish public sector funding

Funding to be provided by Danish sovereign and agency will cease issuing bonds immediately, ‘an absolute shock’

Issuer plans regular voyages to euro covered market

◆ ‘Exceptionally strong’ deal in tough market ◆ Rarity adds to appeal ◆ Danish krone benchmark could come next

Leads to use comparables ranging from South Korea to Denmark when pricing upcoming deal

◆ Danish bank finds demand with Friday print ◆ Shorter tenor appeals to investors ◆ Deal lands close to fair value

Danish agency prints in euros, will look for dollar and green windows

◆ Danish lender raises €2.25bn of bail-in debt in one go ◆ Offers visible premium to lure investors for its acquisition funding of Spar Nord Bank ◆ Issuance strategy positively deviates from the past

New 10 year with green twin planned

Bund-swap moves will put tight Nordic spreads under pressure next year