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.
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Luminor Bank is likely to issue the debut Estonian covered bond in the first quarter of 2020 according to the bank’s head of treasury, Max Ehrengren. Although the programme will have capacity to issue deals secured on Lithuanian and Latvian assets, the inaugural transaction will be exclusively secured on Estonian assets.
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Oberbank sold a senior bond in euros on Wednesday, following in the footsteps of NatWest Markets, Luminor Bank and Svenska Handelsbanken, which on Tuesday also issued senior deals. NatWest attracted the largest order book for its floating rate notes.
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Issuers will be hoping for better conditions than what has been seen this week, as four of them head out on roadshows on Monday.
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Münchener Hypothekenbank is looking to execute a trade for a seven year senior non-preferred bond, in a week pockmarked by national holidays across Europe. Meanwhile, Estonian bank Luminor will start investor meetings next week for senior preferred notes.
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Moody's has given Estonia’s newly established covered bond framework a mixed report, an assessment that will be a helpful guide for the other countries in the Baltic region, which plan to use special purpose vehicles to get around some of the problems their neighbour faces.
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The Estonian parliament’s recent approval of covered bond legislation paves the way for the first Baltic deal, which could come from Luminor Bank, but whether it is initially secured on a pool of pan-Baltic mortgages remains to be seen.
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Covered bonds offer a way for Baltic banks to develop a new seam of long-term standalone wholesale funding. But a successful conclusion to this project will depend on whether investors are convinced there is an effective mechanism for cross-border recognition of assets.
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Parliamentary approval of Estonian covered bond legislation opens the way for Luminor Bank to make the first steps towards establishing a pan-Baltic covered bond market, according to the bank’s head of treasury, Max Ehrengren.
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Luminor Bank, an Estonian financial institution, was looking to place a small senior unsecured deal in the euro market on Wednesday, in spite of volatile market conditions. The transaction will be the issuer’s first step towards reducing its reliance on bank facilities as a means of funding.
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Estonia plans to become the first sovereign to dip its toes into the still murky waters of cryptocurrencies.
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A representative of European Member States and the European Parliament agreed on Wednesday to increase the lifetime of the European Investment Bank's European Fund for Strategic Investments (EFSI) until 2020, with the aim to triggering a total of €500bn in investments in the EU economy.
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Estonian power company Eesti Energia opened books on a new euro transaction on Thursday morning, following the deadline for a tender offer on its outstanding bonds the day before.