Finland

Kojamo, Finland’s largest private real estate company, has launched an initial public offering and is seeking to list in Helsinki.

Nordea issued a €1bn seven year bond on Thursday and attracted the highest subscription ratio of any euro covered bond of this size in 2018, while pricing with a tiny new issue premium. The execution offers further evidence that covered bonds are on a solid footing, in contrast with other sectors.

Raiffeisen-Landesbank Steiermark is expected to open order books on Thursday for a €500m 15 year Austrian Pfandbrief, LBBW is planning a UK roadshow with a sterling Pfandbrief in mind and Aktia Bank has announced plans for a euro covered bond roadshow.

A sale of shares in SSAB, the Nordic steel producer, by Industrivärden attracted heavy demand from investors bullish towards the sector after Chinese production cuts caused a rally in the price of steel.

A Nordic SSA has promoted a member of staff to be its new head of funding.

Caisse Francaise De Financement Local (Caffil) found good demand for a €1.5bn 10 year with a final spread close to what it could have achieved before the covered bond purchase programme begun. The deal followed a €1bn five year from Commonwealth Bank of Australia (CBA).

Caisse Francaise De Financement Local (Caffil) has mandated leads for a 10 year euro benchmark Obligation foncière, and after completing a roadshow last week, The Mortgage Society of Finland is set to open order books for sub-benchmark deal.

Finnish telecoms company DNA braved choppy conditions this week with a new €250m seven year bond to fund its tender offer for bonds due in 2018 and 2021 following a roadshow.

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.

Guarantor: Republic of Finland

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.