Finland
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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. -
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.
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Nordea and BPCE helped revive covered bond market confidence on Wednesday after some lacklustre deal receptions at the start of this week, with the successes due to thoughtful consideration of tenor and pricing strategies.
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Santander Consumer Bank AS sold its first ever five year senior bond in the euro market on Monday, raising €500m of new funding with five times as much in orders in tow.
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Sampo, the Finnish insurance firm, brushed away the recent bout of volatility with a €500m issue of new senior bonds in the euro market on Tuesday.
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A pair of euro borrowers braved a tricky market on Tuesday, raising a combined €4bn despite heavy weather in government spreads. One opted for a defensive pricing strategy, while the other attempted to squeeze investors.
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The European Investment Bank (EIB) and Municipality Finance announced sterling transactions for Tuesday, making this January a remarkably busy one for the currency.
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Execution in the euro SSA market keeps getting better. New issue premiums are sliding as market participants adjust to new yield and spread levels, according to bankers and issuers.
