Denmark
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Danske Bank’s Finnish branch returned to the covered bond market for the first time since 2012 with a five year benchmark on Thursday. The €1bn deal offered a healthy new issue premium, and leads built a reasonable book, despite competition from cheaper alternatives in the market.
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AP Moeller-Maersk, the Danish shipping conglomerate, has raised its first benchmark euro bond since issuing a profit warning in October, a €600m seven year trade. -
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FIG bankers are expecting some issuers to bring forward plans to print tier two early next year as investors show they are ready to take on higher beta paper.
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A senior FIG syndicate banker has quit BNP Paribas to move to Danske Bank in Copenhagen.
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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.
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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.
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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.
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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.
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