Finland
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The sole investment grade corporate new issue on Tuesday was a sub-benchmark seven year deal as weak secondary markets finally pulled the handbrake on new issuance. Some recent deals had struggled to tighten from initial price thoughts and issuers paused to take stock. -
Solidium, the Finnish national wealth fund, attracted a large book of over 120 investors when it sold €467m of shares in Sampo, the Helsinki-based financial services group, in a block trade on Tuesday night.
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The European Investment Bank printed a €5bn 10 year benchmark on Wednesday — the second largest deal of the year from a non-sovereign SSA issuer — dispelling any lingering concerns over the market’s reaction to the Italian election result.
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Technopolis, the Finnish office space company, has signed a €518m multi-tranche loan, swapping most of its bilateral bank debt lines for syndicated funding.
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Public sector borrowers hit new mid-swap spread tights for the year in dollars this week, but despite the enviable pricing on offer, bankers said that the currency was not offering the kind of super strong conditions that had been on offer last year. That might play in the mind of issuers lining up deals for next week — which is expected to be busy — with bankers saying borrowers might need to offer a little more concession than they have been used to.
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The total issuance of investment grade corporate bonds in February was an underwhelming €14.8bn but the property sector has outshone all others in 2018 and this week was no different as investors had further diversification to consider.
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Finnish residential property developer Kojamo and French care home operator Orpea added to the geographical diversity of the property company corporate bonds sold this week with a €500m seven year deal, while frequent issuer RCI Banque sold a dual tranche offering
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The European Bank for Reconstruction and Development set a new pricing bar for 2018 in five year dollars on Wednesday as it equalled its largest ever dollar benchmark size. Municipality Finance was also out in the same tenor, with a trade that leads said had a concession of 2bp-3bp.
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The head of capital markets for a Nordic agency has become CEO and president of the organisation, with his old position being filled by an internal promotion.
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FMS Wertmanagement on Tuesday took advantage of widening swap spreads to equal the tightest spread to mid-swaps on a five year benchmark so far this year — a level that was “very tight” to KfW, said bankers on the trade. Two other borrowers are lining up to try their luck in the tenor — including one that is aiming for an even tighter spread.
