Finland
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Nordea Bank Finland has been dissolved and its mortgage bank business has been transferred to a new covered bond issuing entity, suggesting it could be ready to return to the covered bond market after an absence of exactly one year. -
Nordic telecoms company TeliaSonera has signed a €1.5bn five year credit facility with thirteen banks, refinancing a seven year deal signed in 2010.
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Finnish companies could be on course for record loan issuance in 2016, according to one syndicate banker in the country.
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Municipality Finance has made its long awaited entrance into the green bond market with a dollar five year on the same day that a new green exchange launched.
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MuniFin will launch its first ever green bond on Tuesday, after completing a two week roadshow to gauge investor sentiment.
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Swedish bank Stadshypotek has mandated leads for its first covered bond backed by Finnish assets. As the bonds are regulated under Swedish law, they should offer a small spread over Finnish legal framework deals which are eligible for the ECB's covered bond purchase programme (CBPP3).
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The European Central Bank could bring the shorter end of the euro curve back into play for public sector borrowers next week if it opts to cut its deposit rate once again, as super low yields led one market participant to describe a seven year euro benchmark by Finland this week as targeting the “short end” of the curve. Craig McGlashan reports.
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The European Financial Stability Facility has sent out a request for proposals for a bond issue next week, as Finland highlighted how much demand issuers can muster in the euro market — even at yields well below 0%.
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Finnish commercial real estate company Citycon was the second Nordic borrower to print bonds in two weeks, following a three month spell when no corporate borrowers from the region came to the market.
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Finland is bringing a seven year euro benchmark that is almost certain to be priced with a negative yield — but that should do little to quell demand, said bankers on and off the deal.
