Finland
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SP Mortgage Bank’s second covered bond brought in many new investors enabling the transaction to price inside interpolated fair value. With more buyers chasing this name and more trading desks expected to quote it, SP’s curve has a fair chance of repricing tighter. -
Finnish property company, Mercada, was a lone issuer in the corporate bond market on Monday. Its €175m five year deal q was printed while issuers that completed roadshows last week paused.
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Muenchener Hypothekenbank (MuHyp) doubled the size of its 10 year Pfandbrief tap despite pricing it at extremely tight levels, as SP Mortgage Bank announced plans to proceed with its second ever benchmark. Unlike SP's debut last year, the new deal will probably be priced through mid-swaps.
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Shares in Terveystalo Healthcare, the Finnish private healthcare business owned by EQT Partners, rose 7% on Wednesday morning after they began trading in Helsinki. The company's IPO closed a day early due to the strength of demand.
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Finland’s Aktia Bank sold a sub-benchmark three year floating rate deal on Wednesday, attracting attention despite competition from five other financial institutions in the euro market.
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Rovio Entertainment, the Finnish developer of the Angry Birds mobile game, has had a bumpy start to its stockmarket life, as the initial pop in its share price fizzled out on Friday afternoon and the stock fell on Monday to 2.9% below its IPO price.
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Finnish covered bond issuer SP Mortgage Bank has appointed leads for a roadshow that is scheduled to finish in mid-October. As only two Finnish covered bonds have been issued this year, a warm reception is assured for the rare offering.
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Public sector borrowers this week smashed through their conventional curves with green bond issues. But there was some debate over whether this marks the start of a trend or is merely the product of scorching conditions in both the euro and dollar markets.
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A glut of short end dollar issuance this week is set to ramp up on Thursday, after a pair of rare names in the currency mandated on Wednesday. The trades will follow a strong showing from Finnvera after the Finnish agency — also an uncommon name in dollars — printed its largest ever trade in the currency.
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Finnvera will on Wednesday enter a searing market for three year dollars, following a similar trade from Bank Nederlandse Gemeenten that rounded off the Dutch agency’s dollar benchmark funding for the year.
