Finland
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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.
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Municipality Finance will sell its debut green bond in dollars, rather than in euros as it previously intended, in order to secure cheaper funding.
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Finnish paper and packaging group Powerflute picked two banks to refinance a €120m acquisition facility.
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A $3.5bn dual-tranche borrowing to back Tencent Holdings' acquisition of an up to 76.9% stake in Supercell has gone into general syndication.
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Shares in SSAB, the Nordic steel producer, have risen by 11% since the company announced the completion of its oversubscribed Skr5bn ($599m) rights issue on Friday.
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Tencent is sounding out banks for yet another multibillion dollar borrowing, this time to back its acquisition of mobile game maker Supercell. The Chinese technology company is used to getting an easy ride in the loan market, where it has raised $6.89bn since December. But the structure for the latest deal means it will have to pay up to lure banks, writes Shruti Chaturvedi.
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Regulations governing maximum loan to value (LTV) ratios on mortgage lending imposed by Finland’s Financial Supervisory Authority that take effect this month are positive, but they will have a limited impact on Finnish covered bonds.
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Sponda, the Finnish property developer, has signed €600m of unsecured five year syndicated loans to refinance maturing facilities.
