Finland
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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. -
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.
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Ålandsbanken, a small bank headquartered in the Åland Islands, an autonomous region in Finland, is seeking to launch its first public sale of a senior bond as part of a drive towards meeting its minimum requirement for own funds and eligible liabilities (MREL).
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Investors have squeezed better terms out of Mehiläinen, the Finnish healthcare group seeking a €1bn loan to finance its acquisition by CVC.
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Voters rewarded a five year dollar print from Finnvera — the first in that tenor from a European SSA since March — with strong scores across the board.
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Municipality Finance grabbed the opportunity of being the only SSA dollar issuer this week to bring a very strong trade, paving the way for other borrowers to tap the currency.
