Nordics
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Investors have squeezed better terms out of Mehiläinen, the Finnish healthcare group seeking a €1bn loan to finance its acquisition by CVC. -
Crédit Agricole and Münchener Hypothekenbank (MuHyp) found good demand for their covered bonds on Tuesday, but it was Crédit Agricole’s transaction that really stood out by virtue of its size and maturity, which until now had been viewed with trepidation.
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Opera’s planned $115m Nasdaq IPO now has a cryptocurrency angle after Bitmain, a Chinese bitcoin miner, joined the deal as an anchor investor.
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Voters rewarded a five year dollar print from Finnvera — the first in that tenor from a European SSA since March — with strong scores across the board.
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Sparebanken Vest Boligkreditt has mandated joint leads for a five year euro benchmark covered bond that will likely launch on Tuesday.
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Municipality Finance grabbed the opportunity of being the only SSA dollar issuer this week to bring a very strong trade, paving the way for other borrowers to tap the currency.
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Tuesday’s senior issue from AIB Group struggled to get over the line, and sent a message to the market about waning investor demand for all but the safest bonds.
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A green bond and a conventional bond both hit the euro market on Wednesday. While neither aimed for size, the pricing action showed much hotter demand for the green offering.
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Covered bond issuers are monitoring the dollar market with recent deals from DNB Boligkreditt and CIBC suggesting a welcome reception for further issuance. However, Canadian banks, perhaps the most likely dollar issuers, could well be enticed to consider their home market following TD’s recent success.
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France sold its first syndicated tap on Tuesday, adding €4bn to its GrOAT line. The sovereign will be followed in the green market by a Danish agency's sophomore offering.
