Finland
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Anta Sports Products has launched its €2.2bn loan to back the acquisition of Amer Sports Oyj into general syndication, with HSBC joining the bookrunning group. -
Appetite for eurozone sovereigns is showing no signs of slowing down after Ireland and Portugal joined Belgium this week in scoring their largest ever syndication order books. Several other borrowers sold euro trades on Wednesday, with more supply expected this week as the pipeline has “accelerated” ahead of next week’s parliamentary vote on the UK’s Brexit deal.
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Public sector agencies from the Nordic region are adapting to S&P Global Ratings’ overhaul of its rating methodology. So far, only KommuneKredit has been downgraded under the new rating criteria, but others could suffer similar fates.
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Anta Sports Products has mandated six banks for a €2.2bn loan to back the €4.6bn acquisition of Finnish sports brand Amer Sports Oyj.
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Finnvera has appointed a new head of treasury to replace Mikael Nordgren, who has retired following a four decade career.
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A five year covered bond issued by Danske Bank’s Finnish subsidiary on Thursday was the most oversubscribed triple A rated covered bond issued since late August and suggested that recent negative headline risk had barely affected sentiment in euros.
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Liberbank plans to issue its first covered bond, Danske Bank in Finland is set to issue its first deal in three years and UniCredit Austria has announced a roadshow hot on the heels of a Pfandbrief issued by the German subsidiary.
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KfW received a final book of over €12bn for a five year euro benchmark on Tuesday, while the City of Hamburg closed out its funding for the year with its longest outstanding bond. Finnvera will add to the euro SSA supply this week, after mandating banks for a short 10 year that is likely to be its final syndication of the year.
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OP Financial Group has laid out details of how it will use bond proceeds for green projects and businesses. FIG deals with a sustainable flavour have generally been well received this month, but not all of them have succeeded.
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Investors were in defensive mode in the dollar market this week as they snapped up short dated trades and floating rate notes, with demand particularly heavy from central banks and official institutions. Bankers are hopeful that benchmark supply will return next week.
