Nordics
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Finland’s Elisa was the only borrower to brave the market on Wednesday for a sub benchmark trade, despite bankers reaffirming their confidence that primary demand is as strong now as it has been all year. -
Municipality Finance is set to follow the European Investment Bank into the five year part of the dollar curve, as a slight tightening in swap spreads failed to deter issuer and investor sentiment for bonds in the currency.
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Iceland’s Landsbankinn pushed its senior curve out by another year on Monday, walking away with €300m of funding ahead of a very busy couple of weeks for market participants.
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The European corporate high yield market sized up a €1.25bn two tranche deal from Nokia on Monday that became the third biggest high yield bond since August last year.
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As the first non-German bank in the eurozone to price a €1bn covered bond in over a month, OP Mortgage Bank was perhaps overly careful with its initial approach to pricing. But the plan paid off.
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Swedish Export Credit Corporation on Thursday added another cracking deal to a super strong week for dollar issuance, as FMS Wertmanagement lined up to take benchmark supply in the currency into Friday.
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Lead managers had to bolster the order book for SpareBank 1 SMN’s new senior deal on Thursday, after competing supply, changing rate hike assumptions and tightening swap spreads made pricing dynamics less compelling for low beta issuers.
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OP Mortgage Bank issued the first €1bn sized non-German eurozone covered bond in over a month on Thursday and, possibly because of the larger than usual size, took a cautious pricing approach.
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Apax Europe has sold its last remaining shares in Capio, the Swedish private healthcare group, for Skr660m (€70m).
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Swedbank launched a new five year on the back of ‘extraordinarily tight’ secondary levels on Friday, taking advantage of strong dynamics in the preferred senior market and a remarkable year for Swedish debt.
