Nordics

Kommuninvest kept up this week’s trend for tightly priced short end dollar deals as it achieved its tightest ever spread to swaps on Thursday. Big demand for short dollar paper is creating a “bid-only” market, according to bankers.

On Thursday RCI Banque, the financing arm of Renault, brought the corporate bond deal count to 10 for the week, but was the only benchmark issuer in the market on the day. Danish logistics company DSV debuted in euros with a sub-benchmark deal.

Kommuninvest is set to complete a trio of three year dollar benchmarks from SSAs this week, after Nordic Investment Bank comfortably priced in the tenor on Wednesday.

A new name for the SSA market hit screens on Monday, picking three banks to run a dollar five year transaction. The borrower will share the market with dollar trades from Dexia Crédit Local and Finland.

One of the public sector bond market's best known and liked heads of funding has quit the International Finance Corporation (IFC) to join SEB.

Euro corporate bond issuance returned on Friday after a blank day due to Thursday’s European Central Bank meeting. As the ECB’s president, Mario Draghi, said nothing to unsettle markets, US machinery maker John Deere and Italian oil and gas company Eni both priced deals in euros before the weekend, while Sweden's Akelius Property did the same in sterling.

The votes are in and three high quality issuers from last week's slew of public sector benchmarks are featured in this week's breakdown of the BondMarker results.

Nordea announced on Wednesday that it was moving its headquarters from Sweden, where it has been since it was formed through a series of mergers in 2000, to Finland, where it will be supervised by the European Central Bank, as part of the ‘Banking Union’ arrangements.

Danish agricultural company Dansk Landbrugs Grovvareselskab (DLG) signed its first syndicated loan on Tuesday, borrowing €625m from 13 banks.

Steven Jensen is leaving his loan syndication sales position at Nordic bank SEB in London to join Norwegian bank DNB.

Debut benchmark covered bonds issued this week by Banco di Desio e della Brianza and Nykredit were preceded by Danske Hypotek’s inaugural deal, and with new names expected to follow later this year, the number of active issuers should reach new heights.

Nordea announced on Wednesday it would move its administrative headquarters from Sweden to Finland, allowing it to submit to supervision by Europe’s Single Supervisory Mechanism.