Nordics
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Nordea Bank Finland has been dissolved and its mortgage bank business has been transferred to a new covered bond issuing entity, suggesting it could be ready to return to the covered bond market after an absence of exactly one year. -
Nordic telecoms company TeliaSonera has signed a €1.5bn five year credit facility with thirteen banks, refinancing a seven year deal signed in 2010.
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Stadshypotek attracted a wealth of demand on Monday for its first covered bond backed by Finnish mortgages, and priced the deal much tighter than initially indicated with few investors falling out.
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Shares in Internationella Engelska Skolan, a leading Swedish international school operator, traded as much as 44% above their initial price on Thursday morning after the company completed its $70m IPO on the Nasdaq Stockholm.
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Finnish companies could be on course for record loan issuance in 2016, according to one syndicate banker in the country.
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Municipality Finance has made its long awaited entrance into the green bond market with a dollar five year on the same day that a new green exchange launched.
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Stadshypotek attracted a robust following for its first covered bond backed by Finnish assets, and even though the final spread was much tighter than leads initially indicated, few investors fell out.
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Public sector borrowers hit screens with dollar deals on Monday that are in keeping with a market that has been very much focused on the short end of the curve over the last few weeks.
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MuniFin will launch its first ever green bond on Tuesday, after completing a two week roadshow to gauge investor sentiment.
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An average of about three covered bonds a week are expected between the start of the fourth quarter and the end of November, but with German holidays, blackout periods and elections, the two month funding window is thick with the risk of disruption.
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Swedish bank Stadshypotek has mandated leads for its first covered bond backed by Finnish assets. As the bonds are regulated under Swedish law, they should offer a small spread over Finnish legal framework deals which are eligible for the ECB's covered bond purchase programme (CBPP3).
