Denmark

A senior FIG syndicate banker has quit BNP Paribas to move to Danske Bank in Copenhagen.

The euro benchmark market is set to welcome a debut issuer this week, while a rare borrower in the currency was able to increase a syndication from its initial €500m target.

The increasing attractiveness of euros over dollars has led one public sector borrower to mandate for its first ever benchmark in the currency — and more debut issuers could follow.

Hopes of concerted action to tackle climate change have been dashed before, but many are daring to be confident about the Paris summit this December. Jon Hay reports.

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Danica Pension on Monday was first to test the FIG market since the US Federal Reserve's rates announcement last week when it opened books on its subordinated tier two notes.

Two insurance companies are meeting investors this week for tier two trades as the sector continues to beef up its capital ahead of the implementation of Solvency II in January 2016.

The Euromoney Smaller European Companies Index Series currently comprises 1350 companies across 16 European countries.

Covered bonds proved their worth this week as, despite difficult market conditions, 10 borrowers were able to collectively raise more than €8bn at levels that looked attractive compared to senior unsecured financials.

Ontario Teachers' Pension Plan is selling a Dkr2.5bn (€335m) block of shares in ISS, the Danish cleaning and facility services company, on Wednesday night, in the first accelerated bookbuild of European shares so far this week.

Danish covered bond auctions this week attracted strong demand, especially in the five year tenor where yields are double what is available in the eurozone.

KommuneKredit could branch out into more niche currencies after receiving an enthusiastic response for its inaugural Canadian dollar benchmark.