Denmark
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Covered bond volumes were higher this week than last even as mounting fears of a UK decision to leave the European Union lead to greater volatility and increased execution risk.
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The Danish covered bond issuer extended its curve and priced a larger deal well inside where its inaugural five year was issued in March and with a fair oversubscription ratio.
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AP Møller-Mærsk, the Danish shipping and oil company, revived its Norwegian krone bond funding on Monday with a three tranche deal that attracted much more demand than expected, growing to Nkr5.2bn (€558m).
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Dong Energy’s IPO, the biggest in Europe so far this year, achieved a strong result, both in its bookbuild, which raised Dkr17.1bn ($2.6bn), and on its first day of trading on Thursday, when the shares jumped 10%. -
As Europe’s banks sweat over how best to raise cheap loss-absorbing capital, market participants have been awaiting the arrival of the first contractually bail-inable senior bonds. After Nykredit’s well-received market opener this week, the new asset class could be about to find its feet, writes Tyler Davies.
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BRFkredit, the Danish mortgage bank, has mandated leads for a roadshow and aims to issue its second euro benchmark covered bond.
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Nykredit issued the first contractually bail-inable senior debt on Monday, in a well-received deal that could set the tone for the growth of the asset class in Europe.
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Of the five IPOs due to reach completion this week, Norway’s B2 Holding finished its bookbuild today and Dong Energy has put out final guidance. Van Lanschot has also just revised its guidance. The other two — ASR Nederland and Basic-Fit — have still to refine their original price ranges.
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BRFkredit, the Danish mortgage bank, has mandated leads for a roadshow.
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Dong Energy has narrowed the price range for its IPO, cutting off the bottom end of the range, after a banker on it said: “it’s about as strong an IPO as we’ve seen in a long time”.
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Nykredit issued the first contractually bail-inable senior debt on Monday, in a well-received deal that could set the tone for the growth of the asset class in Europe.
