Finland
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Nederlandse Waterschapsbank on Thursday became the latest issuer to tap into a hot summer market for dollars, increasing a tap from its initial size while printing flat to its curve.
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Nederlandse Waterschapsbank this week became the first European SSA to print in the Swiss franc market since 2015, followed by Municipality Finance two days later. Favourable moves in the euro/Swiss franc basis, alongside rising Swiss interest rates, opened a window for old borrowers to return.
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Municipality Finance on Thursday became the second European SSA to enter the Swiss franc market this week, after Nederlandse Waterschapsbank became the first European SSA to place Swiss bonds since 2015.
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Public sector borrowers are staying conservative in the dollar market this week, opting for short dated trades or floating rate notes. The trend is likely down to issuers having one eye on expected Federal Reserve rate increases in the US, said bankers.
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The Mortgage Society of Finland's deal on Tuesday was not among them however, coming as it did with a a wider spread than usual.
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Suomen Hypoteekkiyhdistys (Hypo) and Bank of New Zealand have announced marketing programmes ahead of expected covered bond deals.
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Berlin Hyp (BHH) issued a tightly priced Pfandbrief on Wednesday, drawing strong demand for a rare deal backed by green commercial mortgage assets. At the same time the Mortgage Society of Finland mandated leads for a sub-benchmark transaction.
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Stora Enso, the Finnish-Swedish wood, paper and packaging maker, started a roadshow on Tuesday for a €300m bond that will have one of the longest tenors in the high yield market this year.
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BPCE outplayed OP Mortgage Bank in the covered bond market on Tuesday with a €1bn 12 year that benefited from the steepness of the French curve and an eye-catching double-digit spread.
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Finnish insurer Sampo kicked off the week with a tightly priced senior offering on Monday, taking advantage of renewed calm in the financial institutions bond market.