Nordics
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A trio of issuers on Tuesday mandated for dollar deals across the shorter end of the curve, as underlying US Treasury yields stayed slightly elevated after last Friday’s meeting of central bankers in Jackson Hole. -
Finland is bringing a seven year euro benchmark that is almost certain to be priced with a negative yield — but that should do little to quell demand, said bankers on and off the deal.
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Municipality Finance will sell its debut green bond in dollars, rather than in euros as it previously intended, in order to secure cheaper funding.
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DNB Boligkreditt issued a larger than average euro benchmark 10 year covered bond on Tuesday at a spread that was arguably flat to its curve illustrating solid demand for non-Eurozone deals that still of a substantial pick-up to core markets.
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Chr. Hansen, the Danish bioscience company, has added two non-Nordic banks to its core syndicated loan in a €700m refinancing.
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Sparebank 1 Boligkreditt followed Commerzbank into the covered bond market this week with another 10 year and with a 20bp premium to the German lender, its sale was a lot smoother.
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The European Investment Bank this week cut the ribbon on the post-summer market for large dollar benchmarks, although there were more than a few nervous glances ahead to this Friday’s Jackson Hole speech by US Federal Reserve chair Janet Yellen.
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Hemso Fastighets and Galp Gas Natural Distribuiçao on Thursday mandated banks to issue bonds during the first two weeks of September.
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The long end of the Kanga curve saw action this week, as Japanese investors hunted for yieldy paper.
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Handelsbanken sold its entire 6.8% stake in Industrivärden, the Swedish investment company that owns 25% of the bank, for Skr4.49bn ($536m), unwinding the last significant cross-shareholding between Industrivarden and its portfolio of companies.
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Swedish Export Credit Corporation had to boost the size of a deal on Wednesday as investors flocked into its books, adding to a strong run for short dated dollar issuance over the last few weeks.
