Nordics
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The response to some of this week’s dollar deals has got some bankers believing that next week’s US Federal Reserve meeting might not prove to be the market shutting millstone that it had promised to be just a few weeks ago. -
As Europe’s banks sweat over how best to raise cheap loss-absorbing capital, market participants have been awaiting the arrival of the first contractually bail-inable senior bonds. After Nykredit’s well-received market opener this week, the new asset class could be about to find its feet, writes Tyler Davies.
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BRFkredit, the Danish mortgage bank, has mandated leads for a roadshow and aims to issue its second euro benchmark covered bond.
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Kommunalbanken on Thursday sold its largest floating rate note ever — and the largest floater from an SSA since early March — as bankers away from the trade said the “stars aligned” for the issuer.
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Shares in B2 Holding, the Norwegian consumer debt collection company, have held steady after it concluded its Nkr650m ($80m) IPO in Oslo to fuel growth in its existing markets.
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A pair of public sector borrowers are lining up to sell dollar floating rate notes on Thursday, following a series of floating and fixed rate deals in the currency on Wednesday.
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Nykredit issued the first contractually bail-inable senior debt on Monday, in a well-received deal that could set the tone for the growth of the asset class in Europe.
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Of the five IPOs due to reach completion this week, Norway’s B2 Holding finished its bookbuild today and Dong Energy has put out final guidance. Van Lanschot has also just revised its guidance. The other two — ASR Nederland and Basic-Fit — have still to refine their original price ranges.
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BRFkredit, the Danish mortgage bank, has mandated leads for a roadshow.
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Dong Energy has narrowed the price range for its IPO, cutting off the bottom end of the range, after a banker on it said: “it’s about as strong an IPO as we’ve seen in a long time”.
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Norwegian debt collector B2Holding has narrowed the price range for its IPO to between Nkr11.50 and Nkr12 a share.
