Nordics
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The socially responsible investment market for public sector bond issuers is shaping up for another busy year, with one agency planning a debut print in the next few months. -
As many as eight covered bonds were launched across three currencies this week, the vaguely discernible pattern suggesting better interest for the larger deals with intermediate maturities and particularly those from non-eurozone issuers where liquidity is most likely to be better.
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Norwegian covered bonds could be in line for a ratings bump following implementation of the Bank Recovery and Resolution Directive (BRRD) said Standard and Poor’s. Separately, tighter Norwegian mortgage lending criteria should dampen house price inflation but it still remains unsustainably high, said Fitch.
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KommuneKredit is planning to sell its first green bond, aiming to bring the deal to market in the second quarter of 2017.
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Public sector borrowers tore $10bn of funding from the dollar market on Tuesday, shaving several basis points from initial price thoughts in the process. Only one benchmark is on screens for Wednesday, but SSA bankers expect next week’s run-up to the inauguration of Donald Trump as US president on January 20 will be — in Trump terminology — “huge”.
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KommuneKredit and Unédic have both pulled off strong trades, getting in ahead of what is expected to be a busy week in euros by coming to market on Monday.
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Tuesday’s dollar market is set to be packed to the rafters, with a quartet of issuers out with trades and most of the focus at the five year part of the curve.
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Swedbank and Swedish Covered Bond Corporation rapidly attracted solid oversubscriptions for their €1bn five and seven year covered bonds that were priced with a minimal concession on Monday.
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KommuneKredit will be first out the blocks in a major currency for the second week running this coming Monday, after mandating banks for a new benchmark on Friday.
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The Swedish Covered Bond Corporation mandated leads for a euro covered bond benchmark as market participants prepare for another hectic week, following a substantial curve steepening this week.
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