Nordics
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Landsbankinn became only the second Icelandic bank to sell a benchmark deal in euros on Thursday, following a €500m four year trade from Islandsbanki last week. -
A trio of public sector borrowers are set to spray the short end of the dollar curve with deals on Wednesday, including one making its first visit in over two years, as markets priced in an ever decreasing chance of a rate rise at the next US Federal Open Market Committee meeting later this month.
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US agricultural equipment manufacturer AGCO launched its first ever Schuldschein for €150m on Tuesday. Some of the proceeds will be used for the acquisition of Danish manufacturer Cimbria.
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Demand for the €500m bond from Swedish property owner Hemso Fastighets on Tuesday confirmed Nordic momentum in the corporate market.
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The European Central Bank could bring the shorter end of the euro curve back into play for public sector borrowers next week if it opts to cut its deposit rate once again, as super low yields led one market participant to describe a seven year euro benchmark by Finland this week as targeting the “short end” of the curve. Craig McGlashan reports.
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DNB Boligkreditt issued a larger than average euro benchmark 10 year covered bond at a spread that was arguably flat to its curve this week, showing solid demand for non-Eurozone deals that still offer a substantial pickup to core markets.
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After another week of a super solid dollar market, public sector bankers are starting to refer to the currency as “darling” — and all the signs suggest that the relationship is set for an extended honeymoon.
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Islandsbanki has become the first Icelandic bank to issue a benchmark bond in euros since the financial crisis.
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Five banks raised more than $10bn in the senior unsecured dollar market this week, exploiting strong demand and at spreads that were in line with where covered bonds would have priced.
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HSBC and Santander UK found strong demand for senior bonds issued from their holding companies this week, revealing an opportunity for more deeply subordinated supply such as Nordea’s tier two benchmark.
