Nordics
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Public sector borrowers are staying conservative in the dollar market this week, opting for short dated trades or floating rate notes. The trend is likely down to issuers having one eye on expected Federal Reserve rate increases in the US, said bankers. -
The relentless growth in active covered bond issuers was in evidence last week as Danske Bank’s Swedish subsidiary received regulatory approval, Santander Consumer Finance AG tested its newly rated programme, and DZ Bank received a rating for its unique Bank Briefe.
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Europe’s IPO market took a couple of knocks this week when one flotation was pulled and another traded sharply down on its debut, partly because investor sentiment has cooled. But there was still enough vigour in the market to ensure a successful conclusion to the €3bn re-privatisation of Allied Irish Banks (AIB), write John Loh and Jon Hay.
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Allied Irish Banks again tightened guidance on its London and Dublin IPO this evening, moving the lower and upper limits to €4.30 to €4.50 a share.
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The Mortgage Society of Finland's deal on Tuesday was not among them however, coming as it did with a a wider spread than usual.
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Nordic issuers are occupying both ends of the deal size range in the euro high yield market of late. First was Sweden's Instrum’s multibillion bond sale on Friday, and on Tuesday Denmark’s European Energy announced a €50m refinancing deal.
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As temperatures across Europe hit new highs for the year, primary issuance is also hotting up in its corporate bond market. Borrowers led the charge on Monday with three well received deals totalling five tranches.
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Sparebank 1 Boligkreditt found solid demand for its €1bn seven year on Monday, even though the transaction vied for investors’ attention with another deal in the same maturity.
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A week long roadshow and investor meetings in six countries paid off for Swedish debt collector Intrum Justitia, which sold the bond to fund its merger with Lindorff with an average coupon of below 3% on Friday.
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