Finland

Private placements have taken up the bulk of Municipality Finance's funding so far in 2016, but the Finnish agency plans to make its debut public issue in euros this quarter.

Central Bank of Savings Banks Finland (CBSBF) pounced on the first sign of parting clouds in the global markets on Tuesday, dashing into the FIG market with a short dated floater.

Pohjola Bank

Huhtamaki, the Finnish food and drink packaging maker, has refinanced a €400m revolving credit facility and extended the tenor by a year.

Finnish pulp and paper maker Stora Enso has tightened margins again on its €700m revolving credit facility, this time by 20bp, after having already reduced margins on the deal by 35bp two years ago.

Finnish Stainless steel producer Outokumpu reduced the size of its revolving credit facility and pushed out maturities on other existing loan agreements as part of a wider deleveraging effort.

Finnish electricity provider Fingrid increased the size of its revolving credit facility and rejigged the lending group in a refinancing deal that could provide liquidity until 2022.

Finnish retail and property company Stockmann issued an €85m hybrid bond on Thursday, after announcing the deal on Tuesday.

Finnish retail and property company Stockmann has issued an €85m hybrid capital bond, after announcing the deal on Tuesday.

Stockmann, the Finnish retail and property company, is considering a hybrid bond issue, but otherwise the corporate bond market is decidedly quiet.

A trio of issuers from Finland and Sweden raised €3.5bn of funding in the covered bond market this week with strong receptions and limited spread concessions.

Danske Bank’s Finnish branch returned to the covered bond market for the first time since 2012 with a five year benchmark on Thursday. The €1bn deal offered a healthy new issue premium, and leads built a reasonable book, despite competition from cheaper alternatives in the market.