Estonia
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The 10 year bond is the country's first new issue for more than 12 months
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Estonia prices too tightly for most emerging market investors to take part
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Lithuania to bring first bond this year, a 10 year
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UK building society wades into buoyant FRN market to score €500m print
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Estonian energy firm moves to stable loan market to refinance bond
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More debut issuers are expected in 2023, but the Ukraine war could deter buyers
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Issuer’s second bond in 20 years tightened 15bp from initial guidance
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Investors are ready to put their piles of cash to work
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Observers expect more issuers to roadshow then decide against bringing deals
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Eesti Energia returns for first bond since 2015
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Firm set to wade into growing Estonian covered bond market
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Investors pour demand into seldom seen senior names
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Luminor Bank was more than 3-1/2 times subscribed on its return to the euro market on Wednesday, allowing it to demonstrate a year-on-year improvement in its senior funding costs.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, June 8. The source for secondary trading levels is ICE Data Services.
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Estonia returned to the capital markets on Wednesday after 18 years away, introducing itself to a new set of investors as an SSA borrower.
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Estonia’s LHV Pank sold its first covered bond on Tuesday, attracting very good demand for the sub-benchmark deal, which provided it with long term funding from new investors.
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The Republic of Estonia has mandated for a 10 year benchmark bond, as it prepares for its first foray into bond markets since 2002.
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LHV Pank has mandated leads for its inaugural deal and the second ever to be launched under the newly established Estonian covered bond legal framework.
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Estonia’s LHV Pank is set to become the second bank in the country to take advantage of the country’s covered bond law and, having set up a programme and gained central bank authority to issue, Moody’s this week assigned a rating to its programme.
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Luminor Bank attracted strong demand for its debut covered bond on Wednesday, the first under Estonia’s legal framework and the first from the Baltic region. Despite a negative reoffer yield, it attracted a higher subscription ratio than any other five year euro benchmark issued this year.
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Luminor Bank is expected to issue its debut covered bond after successfully concluding a roadshow this week. The deal will be the first Baltic covered bond under the Estonian legal framework.
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Luminor Bank has mandated leads for the first covered bond from the Baltic region.
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An Estonian covered bond could soon be due in the market after Moody’s rated Luminor Bank’s programme this week — the first to be structured under the country’s newly established law. The rating comes after the European Central Bank granted Luminor a license to issue covered bonds in December.