Denmark
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Nykredit Realkredit was marketing its second “senior resolution note” on Thursday, breaking a month’s hiatus in FIG supply. -
Nykredit Realkredit was marketing its second “senior resolution note” on Thursday, breaking a month’s hiatus in FIG supply.
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A pair of European agencies tapped euro lines today in a recovering but still cautious SSA market.
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Shares in AP Møller-Mærsk, the Danish shipping and oil group, shot up 12% today after the company announced a sudden change of strategy. It is changing its CEO and will conduct a strategic review that could include deciding to break up.
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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%.
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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.
