Nordics
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The dollar bond 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. -
The sterling covered bond market enjoyed a strong start to the year, with four issuers raising a collective £3.7bn. Barclays priced the first deal of the year, which also happened to be one of the longest and largest.
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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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Sweden’s finance ministry is expected to receive in early January the report of a special commission it set up a year ago to consider how to promote green bonds, including the merits of the Swedish government issuing one.
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NAC Aviation 29, a subsidiary of Danish aircraft lessor NAC Aviation, has raised its first Schuldschein. The first drawdown of the debt is expected before new year. Many in the market had doubted the deal would get done.
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European Central Bank president Mario Draghi struck an upbeat note on the currency bloc’s growth prospects at a press conference following a governing council meeting on Thursday, but analysts still expect borrowers to enjoy supportive conditions for some time yet. The meeting — and the approaching year end — meant euro supply was thin on the ground, but Iceland did take the opportunity to return after several years away.
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Nykredit found strong demand for its five year floating rate euro denominated tap. Demand for the deal was boosted by the fact that euro denominated Danish bonds with a bullet maturity are issued rarely.
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Stora Enso, the pulp and paper company based in Finland, has successfully refinanced a €700m loan with a €600m revolving credit facility.
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Iceland was awash with orders on Wednesday for its first deal since 2014, which came alongside a tender offer for the sovereign’s July 2020 bonds.
