Nordea Markets
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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. -
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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Danish agency KommuneKredit made one of its infrequent visits to the Swedish kronor market on Wednesday. With many issuers preferring the short end of the market due to volatility from the coronavirus pandemic, the agency instead opted to tap a pocket of demand at the long end of the curve.
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The European Investment Bank joined the ranks of supranationals issuing debt to support the fight against Covid-19 this week, using its recently updated sustainability awareness bond (SAB) framework to raise Skr3bn ($299m) to finance its response to the coronavirus pandemic.
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Despite the terrible effects of the coronavirus pandemic on capital markets, the MTN market is open and functioning.
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Danish pharmaceuticals company Bavarian Nordic has announced an Nkr2.8bn (€378m) rights issue to fund its acquisition of GlaxoSmithKline’s commercial and manufacturing rights to Rabipur, a treatment for rabies, and Encepur, a vaccine against tick-borne encephalitis.
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Europe's high grade corporate bond issuers are being pushed into tight issuing windows by volatility caused by the Covid-19 coronavirus. But investors are prepared for this and so far deals have found strong backing.
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Schneider Electric, the French electrical equipment company, and Carlsberg, the Danish brewer, zipped through the open window for corporate bond issuance on Wednesday, as bankers say coronavirus volatility has made this a market for opportunists.
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H Lundbeck, the Danish pharmaceutical company, has mandated banks for a five year debut euro benchmark from its new bond programme, after gaining US regulatory approval for a new migraine treatment.
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