Nordea Markets
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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. -
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.
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Finnish telecoms company DNA braved choppy conditions this week with a new €250m seven year bond to fund its tender offer for bonds due in 2018 and 2021 following a roadshow.
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The sole investment grade corporate new issue on Tuesday was a sub-benchmark seven year deal as weak secondary markets finally pulled the handbrake on new issuance. Some recent deals had struggled to tighten from initial price thoughts and issuers paused to take stock.
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The IPO of Elkem, the Norwegian silicon producer and supplier being floated by ChemChina, priced on Wednesday at Nkr29 ($6.74) a share, the bottom of the expected range.
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Barclays and Nordea will lead the financing of what is expected to be one of Europe's largest public to private takeovers this year, the acquisition of telecoms company TDC by DKT, a peer owned by a consortium of investors.
