Finland
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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. -
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.
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The euro market, despite an increasingly hawkish central bank and strengthening euro, is proving immensely popular with borrowers. A pair of sovereigns hit screens on Monday for euro trades, as did two Nordic agencies.
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Stora Enso, the pulp and paper company based in Finland, has successfully refinanced a €700m loan with a €600m revolving credit facility.
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Finland’s Oma Savings Bank found strong demand for a debut covered bond on Monday which, because of its sub-benchmark size, offered a sizeable premium to any other Finnish benchmark.
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Rovio, the Finnish publisher of the Angry Birds mobile phone game, suffered a 22% fall in its share price on Thursday, after announcing its first set of results since its IPO.
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Eika Boligkreditt closed the pricing gap to Norway’s national champion, DNB Boligkreditt, with a €500m seven year covered bond issued on Tuesday. At the same time Finland’s Oma Savings Bank mandated leads to market its inaugural deal.
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OP Mortgage Bank was set to price the first €1bn sized covered bond of the week on Wednesday and, despite offering hardly any new issue premium, the transaction found strong demand reflecting a popular but exceptionally rare tenor. At the same time, Switzerland's Valliant Bank issued its debut covered bond and Sparkasse Hannover issued a sub-benchmark Pfandbrief.
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Public sector borrowers are flocking to the green bond market, dominating the upcoming SSA pipeline as the year draws to a close.
