Nordics
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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. -
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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DNB Boligkreditt got the Nordic covered bond market off to a blistering start on Wednesday with a €2bn five year deal that leads were able to tighten by 5bp from initial guidance.
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Municipality Finance raised €1bn on Thursday with a short 10 year bond that was, according to head of funding Joakim Holmström, the agency's top priority for the quarter.
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A dual tranche global deal from the Asian Development Bank on Wednesday at least temporarily dashed hopes that this year could be strong for 10 year dollar benchmark issuance — although some bankers away from the trade felt that the problems were idiosyncratic rather than reflective of demand.
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KommuneKredit and the Asian Development Bank (ADB) will reopen the dollar market for SSA borrowers on Wednesday. Meanwhile, the EIB is lining up to perform the same service in sterling bonds.
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Irish funds could soon be making waves in China’s onshore capital markets thanks to a Rmb50bn ($7.2bn) Renminbi Qualified Institutional Investor (RQFII) quota awarded to Ireland this week.
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Volvo Cars, the Swedish car company owned by Zhejiang Geely Holding of China, has raised Skr5bn ($530m) in a private placement of preference shares, which might be converted to listed shares if Volvo completes an IPO.
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Nasdaq Clearing and Nasdaq Stockholm have both received fines after an investigation in Sweden found risk management and cyber security flaws.
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The leveraged finance market should not view direct lending as competition but instead as a complementary funding source, said a direct lending official speaking at the Euromoney Nordic high yield conference in Stockholm this week.
