Nordea Markets
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The FIG market enjoyed its busiest week of the year so far but not all trades are working as investors shun tightly priced deals, particularly those at the long end. -
Europe’s high grade corporate bond market had a more relaxed pace on Thursday, though two issuers brought seven year green bonds: Italian railway company Ferrovie dello Stato and Neste, the unrated Finnish oil refiner which is transitioning to produce biofuels.
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Embracer Group, the Swedish video games developer, has placed Skr7.6bn ($900m) of new shares with investors to finance its ongoing growth.
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The euro market burst into life with new FIG deals on Monday, as borrowers reacted to supportive comments from the European Central Bank last week. Bankers now expect plenty of supply to fill out the pre-Easter pipeline.
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Tryg Forsikring found strong demand for a new restricted tier one (RT1) bond in the Swedish market on Wednesday, as it looked to optimise its capital structure in preparation for the purchase of RSA Insurance Group’s Nordic businesses.
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A pair of sovereigns privately placed century bonds this week, with one of the borrowers — Ireland — dipping below the 1% point for the first time at this sort of tenor.
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Ørsted, the Danish power company, pushed into the green hybrid sterling market on Wednesday, with the largely UK-based sterling buyer base proving to be just as keen on the debt as their euro counterparts.
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Norway comfortably set a new order book record as it came to the market for just its fifth ever syndicated transaction on Wednesday.
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Ørsted, the Danish power company, has mandated for its first green hybrid capital issue in sterling, as subordinated green, social and sustainability debt is tipped to continue finding chunky demand from investors this year.
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Norway began taking indications of interest on Tuesday for its fifth ever syndicated transaction as it continues its path towards becoming a regular issuer of public benchmark bonds.
