Nordics
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Kommuninvest will receive a capital injection from its owners to help meet upcoming leverage ratio rules, but has not ruled out issuing additional tier one paper to raise further capital. -
Stadshypotek, the mortgage subsidiary of Svenska Handelsbanken, returned to the market with its first euro denominated covered bond since November 2014. The issuer increased the transaction size and tightened the spread, sending strong signal of confidence to other borrowers considering launching deals before the end of the year.
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Evli Pankki, the Finnish investment bank, launched its IPO on Monday November 16, hoping to raise €14.2m by floating on the main list of Nasdaq OMX Helsinki.
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Mortgage Society of Finland (Suomen Hypoteekkiyhdistys) has mandated for what would be a debut senior unsecured issue in euros, as covered bonds dominated FIG primary activity on Monday.
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Flat Glass Group Co has announced terms for an up to HK1.21bn ($155.61m) listing in Hong Kong ahead of launching the trade on November 16.
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Two issuers made opportunistic moves in sterling on Tuesday with one offering investors a rare 2020 and the other a tap.
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SEB mandated leads and opened books for the fourth sterling denominated covered bond from a Swedish issuer this year, a three year floating rate note. At the same time, Korea Housing Finance Corp (KHFC) opened books for a fixed rate five year dollar benchmark, and its first legally enshrined covered bond.
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Two issuers made an opportunistic move in sterling on Tuesday, taking a combined £400m with a tap and a new issue.
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FIG bankers are expecting some issuers to bring forward plans to print tier two early next year as investors show they are ready to take on higher beta paper.
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A government minister in one of Europe’s major economies has told GlobalCapital that green bonds could be a “complement” to the country’s existing climate change mitigation policies.
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Six borrowers raised nearly €5bn in the covered bond market this week, once again surpassing supply expectations. The star attraction, notable for both its size and tenor, was a €1.5bn three year from the Norwegian issuer, Sparebank 1 Boligkreditt.
