Nordea Markets
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The Nordic Investment Bank issued its largest Swedish krona environmental bond on Wednesday as demand for socially responsible investments grows in Scandinavia. -
European corporate bond investors had only had one corporate bond deal to consider in August before LafargeHolcim brought its €750m 12 year deal on Tuesday. But that lean period looks to be over as ISS Global followed with a €600m 10 year transaction on Wednesday.
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AR Packaging, the Swedish maker of packaging for food, increased its LBO loans with a dividend recapitalisation deal on Tuesday. The move follows a trend of loan borrowers taking on more leverage ahead of new European Central Bank guidance on leverage limits.
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Sweden on Tuesday printed a dollar benchmark at one of the tightest spreads to mid-swaps from a public sector issuer this year, as a Canadian province prepared to bring a deal in the currency further out the curve.
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Nordea Bank set a final spread of just 18bp over mid-swaps for its first entry into the green senior bond market on Monday, as banks start to step up their use of the format.
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Nordic issuers are occupying both ends of the deal size range in the euro high yield market of late. First was Sweden's Instrum’s multibillion bond sale on Friday, and on Tuesday Denmark’s European Energy announced a €50m refinancing deal.
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A week long roadshow and investor meetings in six countries paid off for Swedish debt collector Intrum Justitia, which sold the bond to fund its merger with Lindorff with an average coupon of below 3% on Friday.
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Covering four tranches, two currencies and fixed and floating rate payouts, what could be the largest high yield bond since April 2016 hit screens on Monday as Intrum Justitia embarked upon a week-long roadshow for a €3bn bond.
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Blackstone has agreed to buy Finnish property group Sponda for nearly €1.8bn in an all-cash deal
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Sub-benchmark transactions made up a chunk of Wednesday’s busy euro primary market, with Metso Corp and Neste bringing bonds for less than €500m.
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Sparebanken Sør Boligkreditt and Société Générale enjoyed solid receptions for their covered bonds this week, with the Norwegian issuer pricing flat to its curve.
