Finland
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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.
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Public sector borrowers could bring dollar benchmarks next week ahead of the limited funding windows of November. Floating rate issuance was the main play in the sector this week, with Municipality Finance falling just short of full subscription as it brought the latest in the format on Thursday.
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Two Nordic agencies have raised their funding needs for the year due to an increase in their lending activity, just as the final quarter has begun.
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Finnvera is aiming to raise an additional €500m for its funding programme this year as a result of a surge in the agency’s lending.
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Two banks made their public debuts in the senior preferred asset class with sub-benchmark deals this week: Münchener Hypothekenbank and Ålandsbanken.
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Finland is leaving the door open for a third syndicated bond in 2018, after receiving a record order book for its 10 year euro benchmark deal this week.
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Finland and KfW received strong investor demand for the first sizeable deals in the euro public sector market following the summer.
