Finland
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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. -
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.
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One borrower took advantage of an excellent backdrop to scoop up its first green funding in euros at an attractive level on Tuesday, while a second issuer is lining up to follow suit in dollars.
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Three sub-investment grade borrowers printed deals in the high yield corporate bond market on Thursday using different tenors to raise a combined €1.06bn.
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Strong short end dollar demand led a host of issuers to print tight deals this week, including one debut. Investor appetite is expected to stay strong, but bankers are sceptical that there will be much supply.
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A new name for the SSA market hit screens on Monday, picking three banks to run a dollar five year transaction. The borrower will share the market with dollar trades from Dexia Crédit Local and Finland.
