Nordea Markets
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On Thursday RCI Banque, the financing arm of Renault, brought the corporate bond deal count to 10 for the week, but was the only benchmark issuer in the market on the day. Danish logistics company DSV debuted in euros with a sub-benchmark deal. -
The European Investment Bank raised €3bn with a December 2023 EARN on Wednesday, coming hot on the heels of Austria's €7.5bn dual tranche, but the flow of euro deals appears to be abating with no borrowers hitting screens for Thursday.
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A new name for the SSA market hit screens on Monday, picking three banks to run a dollar five year transaction. The borrower will share the market with dollar trades from Dexia Crédit Local and Finland.
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Nordea announced on Wednesday that it was moving its headquarters from Sweden, where it has been since it was formed through a series of mergers in 2000, to Finland, where it will be supervised by the European Central Bank, as part of the ‘Banking Union’ arrangements.
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Nordea announced on Wednesday it would move its administrative headquarters from Sweden to Finland, allowing it to submit to supervision by Europe’s Single Supervisory Mechanism.
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Europe’s equity block trade market made an impeccable start to its autumn season on Wednesday night, when two repeat sellers brought trades in familiar, recently floated stocks, and both found strong demand.
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Carlsberg Breweries issued a rare six year euro bond this week that caused disagreement among market participants over its new issue concession, with some, who were off the deal, reckoning the premium is lower than leads’ estimations.
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Swedish property manager Fastighets AB Balder printed the year’s first hybrid bond with speculative grade ratings on Thursday, after investors oversubscribed its €350m offering by 4.5 times.
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Goldman Sachs is soon to close a block trade of its Dong Energy shares, its third sale since the IPO, with price guidance standing at Dkr320 to Dkr322 a share.
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Fastighets AB Balder, the Swedish property manager, began roadshowing for a €350m hybrid bond in euros and Swedish kronor on Tuesday. It may become the second Nordic borrower to issue in an otherwise quiet euro high yield market during the summer break.
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Two deals were priced this week in the European corporate bond market, and next week already looks busier. With a roadshow under way and four others coming up, the window before September’s European Central Bank meeting looks full.
