Nordics

Three covered bond issuers launched euro benchmarks on Wednesday with the inaugural transaction from United Overseas Bank of Singapore proving the main attraction. Sparebank 1 Boligkreditt and Belfius Bank also launched deals, with strong demand for the Belgian deal allowing the issuer to pay an extraordinarily tight new issue concession of 1bp.

KfW is set to print a 10 year euro benchmark, following in the footsteps of Belgium and Finland, this week as issuers attempt to conclude funding before the European Central Bank’s meeting on March 10.

Danske issued in a larger size and attracted more orders for its covered bond than Deutsche Bank did for its deal. The outcome was surprising given Deutsche’s rarity and higher quality collateral. But in any case the German issuer did well given that it could have done the deal without any support from the Eurosystem.

The board of Sponda, the Finnish property investment firm, has decided to raise €220.8m in a rights issue to partially repay a bridge loan.

Two European sovereigns mandated for benchmark bonds in euros on Monday leading what is expected to be a scramble to get in and out of the primary market before the European Central Bank meeting on March 10.

3i and BNP Paribas, two of the largest shareholders in Eltel Networks, launched a block trade for 15% of the business on Thursday night.

The Swedish National Debt Office has revised downward its forecast for foreign currency bond issuance in 2016 and 2017 after receiving higher than expected tax payments.

The Swedish National Debt Office has revised downward its forecast for foreign currency bond issuance in 2016 and 2017 after receiving higher than expected tax payments.

Finnish property firm Sponda appointed just one lender to provide its €325m bridge loan, which will fund its acquisition of six prime properties in Helsinki.

Multiple FIG bonds hit the primary market for the first time in a month on Monday as European bank stocks continued their rebound to ease the pressure on borrowers.

Nykredit came one step closer to a listing on the Copenhagen Stock Exchange on Wednesday, as its committee of representatives approved the prospective listing. But investors will have to wait 12-24 months for the deal to hit their screens.

Catena Media floated on Nasdaq First North Premier on Thursday, after completing an initial public offering that valued the firm at Skr1.698bn ($200m). By 3pm, its share price was up 15.5%.