Europe

A pair of supranationals have reopened Danish krone green bonds. Domestic interest in SSA paper has grown over the last year, with green issuance a primary driver.

Anglo American's offer to rescue Sirius Minerals could provide an unexpected windfall for the convertible bond investors.

Norilsk Nickel, the Russian nickel and palladium producer, is refinancing an existing $2.5bn facility. According to bankers, the new deal will have tighter margins than the original deal, which boasted the slimmest margins of any Russian syndicated loan in 2017. Some bankers are calling this the busiest January they have seen for years in the Russian market.

Bayside Capital, the branch of private equity firm HIG Capital that invests in special situations and distressed debt, has appointed Florian Kawohl as a managing director.

Mowi, one of the largest seafood companies in the world, issued a €200m green bond this week. The Norwegian fish farmer advertises seafood as an environmentally friendlier and healthier alternative to meat but has also faced claims that it endangers ecosystems with its net-pen salmon farms.

GlobalCapital understands that Commerzbank has ended its primary dealership with the Netherlands, where it was a market maker for Dutch bills.

Nederlandse Waterschapsbank is the only issuer set to come to the euro market on Tuesday, despite the fact that conditions are still favourable.

DZ Hyp has announced plans to issue a €750m four year mortgage Pfandbrief which will compete for investors’ attention alongside other sub-benchmark Pfandbriefe from DekaBank and Overbank. A fourth issuer is also expected to announce a benchmark covered bond in euros, with execution likely before lunchtime on Tuesday.

Debt investors are forecasting a rise in corporate spreads and in the yields of both US Treasuries and German Bunds over the coming months, according to a survey.

NordLB Luxembourg attracted exceptionally strong demand for its inaugural renewable energy covered bond on Monday — the first ever to be issued under the country’s new legal framework. This was despite the deal being sub-benchmark size and not eligible for the European Central Bank’s covered bond purchase programme.

Tim Metzgen is leading a new European debt advisory franchise at Alvarez & Marsal.

Issuers of additional tier one (AT1) capital have been more than 10 times subscribed for new deals on average in 2020 so far. This week's euro trade from Erste Group was no exception, with the €500m bond attracting €6.25bn of orders and a 'phenomenally tight' coupon.