Nordics

Another pair of public sector borrowers tapped the dollar market, hitting two and three years respectively, in contrast to Tuesday’s salvo of long end trades. One of the issuers printed well beyond its initial size expectations.

Municipality Finance issued its first green private placement on Wednesday, coming alongside a drive for more green assets on the lending side.

Nordea announced on Wednesday that it would become a systematic internaliser for FX and interest rate derivatives and cash bonds under the Markets in Financial Instruments Directive (MiFID) II.

Industrial & Financial Systems (IFS) closed the loan funding for its acquisition of WorkWave without further syndication on Wednesday, evidence the market is still keen on small size offerings amid a raft of large deals.

A position paper detailing a new unified approach to impact reporting by Nordic public sector green bond issuers has been welcomed by investors, who hailed its broad scope and detailed methodology as an important development for the market.

Stadshypotek took advantage of scant covered bond supply — particularly from Sweden in the 10 year area — to issue a tightly priced €500m deal on Tuesday.

Norwegian state-owned grid operator Statnett priced its debut benchmark euro corporate bond on Wednesday, opting to go longer than the 10 year tenor many of the recent utility issuers chose.

Norwegian state owned grid operator, Statnett, priced its debut benchmark euro corporate bond on Wednesday, continuing the recent supply of utility issuers selling longer dated new issues.

SP Mortgage Bank’s second covered bond brought in many new investors enabling the transaction to price inside interpolated fair value. With more buyers chasing this name and more trading desks expected to quote it, SP’s curve has a fair chance of repricing tighter.

Finnish property company, Mercada, was a lone issuer in the corporate bond market on Monday. Its €175m five year deal q was printed while issuers that completed roadshows last week paused.

Muenchener Hypothekenbank (MuHyp) doubled the size of its 10 year Pfandbrief tap despite pricing it at extremely tight levels, as SP Mortgage Bank announced plans to proceed with its second ever benchmark. Unlike SP's debut last year, the new deal will probably be priced through mid-swaps.

The private equity arm of Goldman Sachs has sold the last of its shares in Dong Energy, the Danish power company, for Dkr4.3bn (€576m).