Nordea Markets
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The Nordic corporate bond market may be starting to stir from its deep summer sleep, as Samhällsbyggnadsbolaget i Norden (SBB) revealed on Tuesday plans for a new issue. The Swedish housing and social infrastructure company, rated BBB-/BBB- (both stable), has announced a roadshow starting on August 23 for a seven year euro note. -
Volumes are growing across the spectrum in the Scandinavian MTN markets, as issuers and bankers return from their summer holidays. Meanwhile, bankers are expecting Scandinavian investors to move further out along the credit curve in response to negative yields as dovish Nordic central bank tones could lead to a bullish Scandinavian market.
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LBBW extended its non-preferred senior curve with a new green bond this week, hitting lead managers' price expectations in spite of soft market conditions.
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The European Securities and Markets Authority (Esma) has had to row back on fines for four Nordic banks for issuing credit ratings, after an appeal board found that the banks had not broken the rules negligently.
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The International Finance Corp (IFC) started its 2019/20 funding year on Tuesday with a pair of Swedish krona green bond taps in the private market.
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Municipality Finance is looking to publish its social bond framework this year ahead of a debut bond in the format, as it looks to extend its offering of socially responsible bonds.
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Austrian agency Asfinag won a big order book on Tuesday, allowing it to price 3bp tighter than guidance, in a 10 year tenor the issuer hasn't accessed since 2009. Municipality Finance and the German federal state of Lower Saxony will add to the euro SSA supply on Wednesday with a 10 year green bond and a seven year benchmark, respectively.
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Three public sector borrowers announced plans for new issues on Monday as issuers took advantage of a shift in sentiment following the G20 summit at the weekend.
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A trio of SSAs made the most of low yields in Danish kroner and Swedish kronor to print paper with coupons hovering around zero this week.
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Denmark’s Better Collective has increased the size of its bank funding, as the sports betting and gambling software developer looks to spend on acquisitions.
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Three Nordic banks and one British bank placed paper in Swedish krona this week. NatWest Markets made its debut in the currency, while Scandinavian-based Avida Finans printed its first AT1. Avida Finans plans to follow this debut AT1 with a future stock exchange listing.
