Nordics

The unrated Finnish carrier Finnair Oyj, which is government majority owned, has begun a three day roadshow on Monday for new hybrid notes despite recent negative corporate events rattling bond markets.

Cities and municipalities are some of the most suitable issuers for the green or socially responsible bond market, but the cost and effort could be too much to for some. Jonathan Breen reports.

Hopes of concerted action to tackle climate change have been dashed before, but many are daring to be confident about the Paris summit this December. Jon Hay reports.

A European sovereign will sell a short dated dollar benchmark on Tuesday, but a weak market backdrop and tight swap spreads are likely to hold other issuers back from bringing deals in the currency.

SCBC returned to the covered bond market on Monday, following Swedbank, which priced a larger deal at a tighter spread in the same tenor last week. The difference in fortunes is simply a function of the market conditions, which were not good last week, but have deteriorated further. Separately, DVB bank is set to price a €250m shipping loan Pfandbrief.

Municipality Finance brought a taste of bank finance to the public sector this week setting a few records along the way.

Swedbank and SR Boligkreditt defied tricky market conditions this week to respectively raise €1.25bn and €500m in five year covered bonds.

Rating: -/-/-

Municipality Finance scored a series of firsts on Thursday with an instrument that is typically the preserve of the bank market — setting a path that leads on the deal believe others could follow.

Swedbank defied a tricky market on Tuesday to raise €1.25bn in five year covered bonds, in a deal described by a rival banker as “outstanding”.

The Swedish bank has mandated leads for a five year benchmark that is expected to be launched on Tuesday. This will be its second deal in euros this year and its fourth overall.

Norwegian lender, SR-Boligkreditt issued its first euro covered bond on Monday, a €500m five year. The transaction offered a tempting spread pick-up to where Sparebank Vest issued an identical transaction last week thereby ensuring a strong reception, despite challenging market conditions.