Finland
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This week's scorecard looks at the progress Nordic agencies have made in their 2019 funding programmes. -
Finnish local government lender Municipality Finance has announced it is preparing to launch a social bond programme.
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Public sector borrowers were able to achieve zero or negative new issue premiums and close books early in the euro market on Tuesday as investors piled into haven assets amid a weaker outlook for global growth.
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Oma Savings Bank proved popular on its return to the euro covered bond market on Wednesday, allowing it to hit the upper end of its size ambitions and only pay a slim premium to investors.
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Oma Savings Bank plans to open order books for a covered bond on Wednesday following an earlier roadshow. The deal comes amid a dearth of covered bond supply this week and a return to negative rates suggesting good scope for ultra-long dated supply.
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Nordea managed to raise €1.5bn of seven year funding at 4bp over mid-swaps on Monday — the tightest spread of any covered bond issued this year, other than in Germany. But subscription ratios for core covered bonds are falling and some key investors are lowering their orders.
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Finland is unlikely to join the growing band of sovereign green bond issuers, after the head of its treasury’s finance division said that adding the format to its funding mix “would not help the liquidity of our nominal benchmark bonds”.
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Nokia had much to be thankful for on Monday when it issued a €750m seven year bond at 170bp over mid-swaps — the same level at which its older five year bond was trading at the beginning of this year.
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Covered bonds issued by Intesa Sanpaolo, Axa Bank and Aktia on Tuesday “flew out the door”, according to leads, with the depth and breadth of demand surpassing expectations. The superb conditions may not last, but exuberance is expected to prevail for now.
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Siemens, the German engineering group, and Fortum, the Finnish electricity company, hit the corporate bond market on Tuesday with big, multi-tranche euro deals totalling €5.5bn. Both achieved great terms at long tenors in an otherwise quiet market.
