Nordics
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Atlas, the Swedish industrial machinery maker, on Monday launched a €500m 10 year note, the first bond roadshow by a Nordic corporate borrower in three months. -
Commerzbank and Sparebank 1 Boligkreditt have mandated leads for 10 year euro covered bond benchmarks after WL Bank issued a 10 year on Monday. Deutsche Pfandbriefbank is due with a dollar-denominated Reg S covered bond benchmark, while the main supply in capital comes from DBS Bank.
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Bionor Pharma, the Norwegian biotech firm focused on developing a cure for HIV, will raise Nkr104m ($12.6m) after it simultaneously priced its private placement and announced a fully underwritten rights issue on Thursday.
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A seemingly unstoppable flow of dollar issuance from public sector borrowers looks set to spill into next week, after a slightly undersubscribed deal early this week failed to dent sentiment for other trades.
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A pair of issuers brought comfortably oversubscribed dollar benchmarks on Wednesday, leading bankers to speculate that other issuers could be tempted to follow with trades in the currency next week.
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A pair of public sector borrowers are set to join NRW.Bank in the dollar market this week, taking advantage of good conditions — and with perhaps one eye on the US presidential election in early November.
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Finnish paper and packaging group Powerflute picked two banks to refinance a €120m acquisition facility.
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A $3.5bn dual-tranche borrowing to back Tencent Holdings' acquisition of an up to 76.9% stake in Supercell has gone into general syndication.
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Next week’s Danish covered bond auctions are eagerly awaited by yield-starved foreign investors. The 30 year callable notes offer the highest yields for a triple-A rated credit to be found anywhere.
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Pricing rather than size was the focus for public sector borrowers in the dollar market this week, although overly aggressive pricing was not the reason for one issuer having to pull back from bringing a tap issue.
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The list of Norwegian covered bond debuts continues to grow with Moody’s assigning a top rating to OBOS Boligkreditt, the largest housing and real estate developer in Norway. The agency now rates 18 Norwegian covered bond programmes in this nation of five million people.
