Denmark

The European Bank for Reconstruction and Development printed a $500m floating rate note on Thursday in the week’s third deal in the format.

Agence France Locale (AFL), awarded a mandate on Wednesday for a benchmark bond as bankers said that regardless of the tough backdrop in equities the SSA market remains in rude health.

A flurry of public sector issuers have taken the market by surprise in a week many expected would see issuance sapped by a combination of international holidays.

Rabobank has announced the sale of a €1bn portfolio of mortgages in a move that has pre-positioned the bank for tougher Basel IV regulations. By the time the rules are in force in Europe though, they may look different, especially for countries that are heavy users of covered bonds.

Danske Bank’s €1bn five year senior transaction was more than four times subscribed on Wednesday, as the Danish borrower took advantage of a strong market open to launch the day’s only FIG deal in the European primary market.

Two borrowers from Denmark and Norway launched their first euro denominated covered bonds this week, expanding the number of issuers to a new record.

Kommuninvest

After a quiet week in which only two benchmark deals took place — including a debut euro benchmark from Finland's Municipality Finance — the sovereign, supranational and agency market is eagerly awaiting a deal from the European Stability Mechanism.

KommuneKredit has printed a no-grow €1bn seven year from an oversubscribed book, becoming the second Nordic agency to do a euro benchmark deal this week.

Three euro benchmarks surfaced on Wednesday including the first from Axa in four years, the first euro benchmark from BRFkredit and a dual tranche deal from Crédit Agricole which, by virtue of its €3.25bn size, is the most notable deal of the year so far. Despite these successes, traders fear the spread tightening run may be close to its end.

Ontario Teachers’ Pension Plan fully exited its stake in ISS, the Danish cleaning firm, through a Dkr2.74bn ($408m) block trade on Monday night, which a lead banker said had attracted strong demand.

KommuneKredit is set to print a seven year euro deal on Wednesday, following a debut euro benchmark from Municipality Finance in the form of a €1bn October 2021 on Tuesday.