Nordics
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Sydbank is preparing to sell its first additional tier one bond in the euro market, complementing plans to optimise its capital structure via share buy-backs. -
The Danish Financial Supervisory Authority (FSA) has raised Danske Bank’s capital requirements by Dkr5bn ($810m) after concluding that the bank’s management has not done enough to combat money laundering at its Estonian branch.
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Raiffeisen-Landesbank Steiermark is expected to open order books on Thursday for a €500m 15 year Austrian Pfandbrief, LBBW is planning a UK roadshow with a sterling Pfandbrief in mind and Aktia Bank has announced plans for a euro covered bond roadshow.
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This week's scorecard looks at the progress Nordic agencies have made in their funding programmes.
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A flattening and rising US Treasury yield curve may be sparking concerns of a slowdown for the US economy but it is having the opposite effect on the short end of the dollar market for public sector borrowers, writes Craig McGlashan.
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Kommunalbanken could potentially visit the green bond market before the summer, helping to fund a growing green lending programme. It is also likely to follow up with another conventional benchmark issue after the break.
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Kommunalbanken priced a three year dollar benchmark flat to its secondary market curve on Wednesday, picking up $1bn at a punchy spread.
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Kommunalbanken has circulated initial price thoughts of 5bp area over mid-swaps for a no-grow $1bn three year benchmark, a level that bankers away from the trade said was 'well priced'.
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A sale of shares in SSAB, the Nordic steel producer, by Industrivärden attracted heavy demand from investors bullish towards the sector after Chinese production cuts caused a rally in the price of steel.
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Sparebanken Sør was able to get a ‘good and tight’ print on its first outing in the euro market for senior unsecured debt on Monday.
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A Nordic SSA has promoted a member of staff to be its new head of funding.
