Denmark

KommuneKredit took a novel approach to its sterling issuance on Tuesday, adding a switch operation to print its largest ever new issue in the currency. Bankers believe other issuers may use the tactic. Meanwhile, Bank Nederlandse Gemeenten (BNG) received less interest in a sterling trade of its own.

KommuneKredit took a novel approach to its sterling issuance on Tuesday, adding a switch operation to print its largest ever new issue in the currency. Bankers believe other issuers may use the tactic.

Guarantor: All Danish municipalities and regions

Since Danish transport and logistics company AP Møller-Maersk last visited the bond market, both Standard & Poor’s and Moody’s have downgraded its ratings and put them on negative watch. However, it has still managed to issue its longest maturity deal so far in euros, alongside a tender offer.

Kommunekredit has printed a €1bn five year note — but two more SSA borrowers are lining up further out in the curve.

Since Danish transport and logistics company AP Møller-Maersk last visited the bond market, both Standard & Poor’s and Moody’s have downgraded its ratings and put them on negative watch. However, it still managed to issue its longest maturity deal so far in euros, alongside a tender offer.

The results of Italy’s general election on Sunday indicated swelling support for right wing populist ideologies in Italy, but the euro SSA market appears to have accepted the result with equanimity, although only one borrower has popped its head over the parapet so far.

Guarantor: All Danish municipalities and regions

Execution in the euro SSA market keeps getting better. New issue premiums are sliding as market participants adjust to new yield and spread levels, according to bankers and issuers.

The euro market, despite an increasingly hawkish central bank and strengthening euro, is proving immensely popular with borrowers. A pair of sovereigns hit screens on Monday for euro trades, as did two Nordic agencies.

Issuers printed a slew of benchmarks in dollars, euros and sterling last week as the SSA market roared into action. Read on to see whether the first deals of the year won favour with our voters.

Guarantor: All Danish municipalities and regions