Nordea Markets
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Large European banks shifted their funding focus to the dollar market this week, printing stunning deals as the euro market showed it was more sensitive to signs of tighter monetary policy. Tyler Davies reports. -
Finland’s Aktia Bank sold its inaugural additional tier one (AT1) note this week, raising a small sized deal with a sub 4% coupon.
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Finland’s Aktia Bank is preparing to sell its inaugural additional tier one note (AT1), having mandated a pair of Nordic banks to sound out investor interest.
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Landshypotek Bank sold a trio of covered bonds in the MTN market this week, including its largest single tranche deal since April last year.
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Market participants expect to see the end of “vanilla” deals in the European bank bond market, as tier two debt becomes the latest asset class to embrace call periods over call dates.
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The financial institutions bond market in euros was on hold on Tuesday, as European issuers saw no reason to rush into doing deals while global equities were selling off and interest rates were being buffeted by expectations of inflation.
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Nordea made a rare entry into the euro tier two market on Monday, taking advantage of strong issuance conditions to steer its pricing in close to fair value.
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EQT achieved a strong response from investors on Friday when it launched the first sustainability-linked bond from a private equity firm, and only the second from a financial company. The €500m deal is tied to greenhouse gas emission cuts and gender diversity metrics.
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Europe’s high grade corporate bond investors clamoured for spread this week, with low triple-B rated companies Aker BP and Holding d’Infrastructures de Transport (HIT) finding ample demand a day after Eni had sold hybrid debt.
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The demand for sustainability-linked bonds was laid bare on Thursday, as French minerals company Imerys’s SLB commanded more than double the demand of Swedish property firm Sagax’s conventional trade, despite both deals sharing major similarities.
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Europe’s high grade corporate bond investors showed for the second day in a row on Wednesday how hungry they are for spread. Low triple-B rated credits Aker BP and Holding d’Infrastructures de Transport both increased their bond issues after bumper demand.
