Nordics
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Ship financing has been through a torrid time as falling prices have tested and broken the business models of the main German lenders — and so the ship-backed Pfandbrief market has virtually run aground. But Danmarks Skibskredit, an established Danish shipping lender with a strong track record, is mulling a euro-denominated shipping covered bond, and trying to change investors' views of the product, delegates heard at the LBBW covered bond forum on Thursday. -
Covered bonds issued this week by Axa Bank and Lansforsakringar Hypotek (LF Hyp) were priced at — or inside — fair value, partly reflecting a technical squeeze that was aggravated by the European Central Bank’s move to step up purchases in the secondary market.
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The African Development Bank sold its largest ever benchmark on Wednesday, in a deal which bankers said should hammer home the issuer’s “new style” to investors. Meanwhile, Municipality Finance brought its first dollar benchmark of the year.
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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.
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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.
