Denmark
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Five banks raised more than $10bn in the senior unsecured dollar market this week, exploiting strong demand and at spreads that were in line with where covered bonds would have priced.
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Nets, one of the largest digital payment service providers in the Nordic region, announced its intention to float on Nasdaq Copenhagen, hoping to emulate the success of larger UK peer Worldpay which was listed last year in London. -
Chr. Hansen, the Danish bioscience company, has added two non-Nordic banks to its core syndicated loan in a €700m refinancing.
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The long end of the Kanga curve saw action this week, as Japanese investors hunted for yieldy paper.
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KommuneKredit printed an A$60m ($45.7) tap of its November 2026 Kangaroo bond on Wednesday, with bankers confident more reverse enquiry-driven taps are en route.
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A seemingly unstoppable flow of dollar issuance from public sector borrowers looks set to spill into next week, after a slightly undersubscribed deal early this week failed to dent sentiment for other trades.
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A pair of issuers brought comfortably oversubscribed dollar benchmarks on Wednesday, leading bankers to speculate that other issuers could be tempted to follow with trades in the currency next week.
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A pair of public sector borrowers are set to join NRW.Bank in the dollar market this week, taking advantage of good conditions — and with perhaps one eye on the US presidential election in early November.
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Next week’s Danish covered bond auctions are eagerly awaited by yield-starved foreign investors. The 30 year callable notes offer the highest yields for a triple-A rated credit to be found anywhere.
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Banks considering ‘tier three’ issuance will be buoyed by the recent performance of Nykredit’s senior resolution notes, which have already traded well and helped the bank attract a rating upgrade.
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