Nordea Markets

Rentenbank impressed SSA bankers on Tuesday as rolled out its debut benchmark green bond. The deal is expected to pay no new issue premium at the final spread.

Rentenbank is moving forward with its plans to issue a debut euro green benchmark bond following a series of investor meetings over the past few weeks.

A softer backdrop on Thursday was not enough to deter financial institutions from entering the euro market, with Deutsche Bank set to sell a new non-preferred senior bond and Finnish insurer Sampo welcoming plenty of demand for a tier two.

FIG bankers say that market conditions are ripe for capital deals, but that issuers are starting to run out of room for more subordinated debt.

Finnair, the Finnish airline, printed a €200m perpetual non-call three year hybrid capital note this week, the first time a European airline has issued a bond since the Covid-19 crisis began on the continent.

One of the more unusual green bonds of 2019, the $125m high yield issue for Teekay Shuttle Tankers, which operates ships serving the offshore oil industry, was tapped on Friday for $75m under the company's new name of Altera Shuttle Tankers.

Finnair, the Finnish airline, is looking to print up to €200m of debt to pay for a tender offer on its first call October 2020 hybrid notes.

The Inter-American Development Bank (IADB) broke the silence in the SSA market with a Canadian dollar sustainable development bond. The deal shared the market with a dollar trade from Kommuninvest, with both issuers steering clear of the almost dormant euro market.

Private equity firms EQT Partners and Vaaka Partners have offloaded €118.5m of stock in Musti Group, the Finland-based pet store, in an otherwise barren week for block trades in EMEA.

Inter-American Development Bank will come to market for a Canadian dollar sustainable development bond on Thursday. The trade will share the market with a two year from Kommuninvest.

Danish covered bond auction season is underway with Nykredit and Nordea announcing sales. August’s auctions also provide the last opportunity to buy certain 30-year callable bonds, of which one is the largest covered bond ever issued.

UBS Group opened books on new additional tier one (AT1) on Wednesday, as it looked to hoover up demand from yield-starved investors in the Reg S dollar market.