Finland
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Finnish nuclear power company Teollisuuden Voima (TVO) got a warm reception from the investors on Wednesday, when it sold €550m of senior unsecured notes after a 20bp tightening from initial price thoughts. -
Demand for the Republic of Finland’s latest bond was high on Wednesday as it printed through the ECB deposit rate to sell “the most expensive syndication of all time”, according to a banker on the deal. The five year note came 29.9bp richer than Austria’s previous record holding deal, another five year note sold in June.
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A flight to safety is underway leaving little support for the riskier bits of leveraged finance. A Finnish nuclear power company is, however, marketing a deal in the high yield bond market and one investor told GlobalCapital he expects to see others follow suit rather than tap the loan market.
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This week's scorecard looks at the progress Nordic agencies have made in their 2019 funding programmes.
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Finland’s Municipality Finance is hoping to receive increased demand for its bonds from insurance companies, following a recent amendment to the Solvency II regulation.
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A rates and structured sales banker at NordLB has resigned and will taking a job in the treasury department of Ålandsbanken, a bank headquartered in the Åland Islands, an autonomous region in Finland.
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Investors have looked towards structured and long dated notes in their hunt for yield as the summer break creeps closer.
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Loxam, the French supplier of industrial rental equipment, printed €1.15bn senior secured notes and €250m of subordinated notes this week, risking a future rating downgrade as it loads up more debt to finance its biggest ever acquisition.
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Municipality Finance is looking to publish its social bond framework this year ahead of a debut bond in the format, as it looks to extend its offering of socially responsible bonds.
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Handelsbanken has appointed Juha Mustonen as its new head of debt capital markets for Finland. He will work with Finnish loan and bond clients.
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Austrian agency Asfinag won a big order book on Tuesday, allowing it to price 3bp tighter than guidance, in a 10 year tenor the issuer hasn't accessed since 2009. Municipality Finance and the German federal state of Lower Saxony will add to the euro SSA supply on Wednesday with a 10 year green bond and a seven year benchmark, respectively.
