Nordea Markets
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Nordea Bank and Erste Group Bank were marketing preferred senior bonds on Wednesday, finding demand in the seven year part of the curve following a flurry of five year deals earlier this week. -
SBAB Bank found plenty of room to tighten the pricing on a new preferred senior deal in euros on Wednesday, after investors welcomed the trade’s green credentials.
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Swedish airline SAS has signed a Sk3.3bn ($336m) revolving credit facility backed by the Swedish and Danish states, as state support for airlines gets approval across Europe.
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The Danish Financial Services Authority is softening its application of the minimum requirements for own funds and eligible liabilities (MREL) amid Covid-19, meaning the country’s largest banks could end up issuing half as much senior debt this year as might have been expected.
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Banco Santander wasted no time in heading to the non-preferred senior market this week, with investors responding well to the way in which European banks have been dealing with the coronavirus pandemic in their first quarter results.
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Bpifrance became the first French issuer to sell a Covid-19 response bond on Friday, raising €1.5bn.
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A slide in euro and dollar MTN volumes has given Scandinavian banks the chance to propel themselves up the MTN leader board.
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The oil price slump on Monday spelt trouble for issuers in the already underperforming Norwegian krone bond market. Amid this turbulence, state-owned Norwegian airport operator Avinor flew in on Wednesday to print a Nkr2bn ($187.8m) dual floating and fixed tranche deal.
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Two supranationals will take to the market on Thursday to raise money for their socially responsible investment programmes. Inter-American Investment Corporation will raise dollars for its Covid-19 response bond, while Nordic Investment Bank is coming to market for a euro environmental bond. The transactions will share the market with Bank of England’s annual dollar deal.
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Europe’s high grade corporate bond market faced one of its biggest tests on Wednesday, with France’s Auchan, which operates in the heavily disrupted retail sector, getting a deal away with one of the larger new issue concessions seen in recent weeks.
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Sweden’s Alfa Laval has amended its revolving credit facilities, with the heavy industry products maker consolidating two old deals into one €900m revolver.
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