Nordea Markets
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A stack of high yield bonds is set to hit the European market, as four issuers announced roadshows on Monday. -
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The dollar market has been thoroughly supportive of this week’s SSA borrowers, but none more so than Sweden, which pulled in its biggest order book ever for its first deal of 2018.
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The dollar market is poised to get off to a flying start to the year in the Nordic region, which hosts all three of this week's scheduled dollar borrowers.
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Nordea said on Thursday that it was expecting to save more than it had initially expected by re-domiciling in Finland, owing to lower costs from a series of consent solicitations and lower payments into resolution and deposit guarantee schemes.
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The Basel III reforms will create a 4% capital shortfall across the banking sector that could be covered in close to three years, according to analysts at UBS.
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As fund managers fill their pockets with corporate leveraged finance debt, borrowers like BMC Software are taking advantage of strong conditions to slash funding costs across their financial structure.
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Improving bank credit and tightening in other asset classes have widened the appeal of additional tier one (AT1) paper. But newcomers should make sure they price in the risks of resets and call options.
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Nordea beat the record for the lowest coupon on an additional tier one (AT1) bond in a core currency by some margin on Tuesday, pricing its deal at 3.5%. It had market participants wondering whether AT1 prices should be marketed at a spread over the base rate rather than as a coupon. At the same time, some said investors are showing complacency over the reset spread and call optionality they give issuers, writes Jasper Cox.
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Nordea smashed the record for the lowest coupon on an additional tier one (AT1) in a core currency on Tuesday, as it racked up about €6bn of demand and ratcheted in the pricing from initial price thoughts by 50bp-75bp.
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The supply of hybrid bonds continued this week, with an additional feature — both hybrids sold this week were certified as green bonds.
