Nordics
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Finland is to tap £100m of its December 2020s amid signs of confidence in the sterling market as the risk of a British exit from the European Union falls. -
Norwegian Air Shuttle (NAS), the low-cost airline, could become the first Nordic borrower to issue this year in the European high yield bond market.
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Bookbuilding has begun for three Nordic IPOs, continuing a strong run from the region, which has produced 12 completed IPOs so far in 2016, out of 51 altogether in EMEA.
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Despite the difficult start to the year, global financial exchanges have continued to expand their coverage of world markets with new listed products.
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Arion Banki was set to raise at least €300m in the senior unsecured market on Tuesday, with investors becoming increasingly confident about Iceland's banks as they return to the public debt markets.
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TriOptima, the over-the-counter post-trade service provider, has completed what it said was the first compression cycle for cleared Swedish Krona interest rate swaps.
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The primary covered bond market was active this week with as many as seven issuers raising more than €6bn, including the longest deal in over a year and a debut borrower in euros.
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L-Bank and the African Development Bank are set to be the latest issuers this week to take advantage of rising short end dollar swap spreads, mandating for deals on Wednesday after Finland printed a short dated deal of its own.
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A trio of public sector borrowers comfortably printed at the long end of the euro curve on Wednesday, but the deals suggested a slowdown in demand after a bumper April for the currency.
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Eika Boligkreditt and Deutsche Pfandbriefbank (PBB) successfully issued €500m covered bonds respectively in the seven and 19 year tenors on Wednesday. The German transaction was the longest seen for over a year and pays testimony to investors’ appetite for duration.
