Nordea Markets
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A debut offering of non-preferred senior debt from Nordea Bank could kick off a wave of euro supply from financial institutions after markets settled back into a pattern of stability this week. -
Sweden’s Lundin Petroleum has slashed 90bp off the margin of its $5bn reserves-based lending facility, as borrowers continue to heap pressure on lenders over pricing.
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The world’s largest salmon producer, Marine Harvest, sold the Nordic fish farming industry’s first bond for five years last week and as the industry scales up sources say a wave of issuance from the sector could be on the way.
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Telecoms company TDC fired the opening shot of a multi-billion funding package for its leveraged buyout this week, with some investors showing mixed feelings about such deals.
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The movement to create free investment benchmarks to support the Sustainable Development Goals is gathering pace, with the launch this week of a major survey of corporate human rights performance.
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Nordea issued a €1bn seven year bond on Thursday and attracted the highest subscription ratio of any euro covered bond of this size in 2018, while pricing with a tiny new issue premium. The execution offers further evidence that covered bonds are on a solid footing, in contrast with other sectors.
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Danske Bank has announced a mandate for a senior bond that will become non-preferred once Danish legislation comes into force. Nordea is also expecting to issue ahead of national law, but its debt would classify as non-preferred straight away.
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The Nordic Investment Bank paid 'flat to 1bp' of new issue premium on Tuesday as it brought an environmental bond in in the seven year area — which bankers are calling the 'sweet spot' of the euro curve.
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A flash of public sector SRI bond issuance last week heated up on Monday, as Nederlandse Waterschapsbank found a strong reception for an affordable housing bond and Nordic Investment Bank prepared an environmental offering in a tenor that bankers said was attracting strong demand.
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Two SSA borrowers printed euro benchmarks on Thursday, rounding out one of the strongest weeks of issuance in the currency of the year.
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European levfin investors are optimistic as the market heads into the Easter break, with buyers enjoying better pricing and terms even as issuers prepare to launch a fresh bout of speculative grade paper over the next few weeks.
