Nordea
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The deal maintains 2023's overall size but increases the RCF with one lender dropping out of syndicate -
Pair of block trades reduces two long term holdings
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Four banks brought dual tranche covered bonds in two days this week, to avoid being squeezed in congested market
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◆ Issuer pays larger new issue premium on longer tranche... ◆ ...but none on well covered three year floater ◆ Banker off the deal said heavy supply weighing on demand
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◆ Public sector label helped with execution ◆ Order book included large block from a central bank ◆ Banker said small concessions was paid
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◆ Spread tightened by 8bp from IPTs ◆ Banker said order book quality stayed high despite losing some investors ◆ Second Czech covered in two days
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◆ Issuer paid small new issue concession, says banker ◆ Eika's first covered since May 2025 ◆ Nordic issuers may be 'done for now'
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Nordic credit bureau sticks with three original banks for term loan and RCF
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◆ Third German covered in two days ◆ Issuer's second covered of 2026 ◆ Small new issue premium offered, says banker
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◆ German bank paid small new issue premium ◆ €1bn size was main objective ◆ Low or no new issue concession in line with contemporary deals
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◆ Deal execution 'straight down the fairway' at historically tight level ◆ Concession paid to compensate for low spread and competing issuance ◆ Higher yield backdrop helps
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The German pharmaceutical wholesaler was upgraded to BBB- by S&P last month
