Nordea Markets
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Parliamentary approval of Estonian covered bond legislation opens the way for Luminor Bank to make the first steps towards establishing a pan-Baltic covered bond market, according to the bank’s head of treasury, Max Ehrengren. -
Two Nordic telecoms companies sold euro corporate bonds this week after both spending nearly two years on the sidelines. Both employed no-grow strategies, and Swedish company Telia sold the longest maturity corporate bond deal of 2019 so far.
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On Thursday, the European corporate bond market saw its second Nordic telecoms new issue of the week. Finnish company Elisa used the same no-grow strategy as its Swedish peer Telia used on Tuesday, but for a smaller deal.
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Finland’s Ramirent has signed a €185m syndicated loan, early refinancing and increasing the amount of an existing loan as the construction equipment rental company looks to grow after a year of asset sales.
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The theme in the euro public sector market this week was large book sizes despite issuers paying very little concession, with Finland, the European Investment Bank (EIB), Madrid and the Joint Länder all keeping close to their curves.
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All three public sector borrowers in the euro market on Tuesday received record order books, despite the spreads tightening by up to 5bp during pricing — which left little to no concessions for investors.
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Sanoma, the Finnish learning and media company, has signed €550m of bank funding, some of it earmarked to fund its acquisition of Iddink, the Dutch educational platform and service provider.
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Finland and Madrid hit screens on Monday to capitalise on the red hot appetite for euro sovereign supply in the 10 year part of the curve.
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Sweden’s Loomis has signed a €150m five year deal, as the cash handling firm looked to switch the headline currency on its syndicated revolving bank facility.
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Finnair has signed a €175m revolving credit facility, as it expands its routes to fly to new Asian destinations.
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