Nordics

In brief: With the primary market still active, one Scandinavian issuer has joined the pipeline and a French borrower has completed its roadshow. Meanwhile a fellow Scandinavian issuer has added Namenspfandbriefe to its funding options.

Danske Bank was unfazed by volatility in the Swiss franc market this week and priced a Sfr275m (Eu169m) seven year covered bond on Wednesday, its debut in the currency. Meanwhile, Erste Europäische Pfandbrief- und Kommunalkreditbank priced what was an unusually short maturity.

Finland’s OP Mortgage Bank priced its new Eu1bn covered bond yesterday (Tuesday) afternoon. The issuer told The Cover it was pleased at the high level of demand for its annual euro benchmark.

Finland’s OP Mortgage Bank opened books on a new Eu1bn covered bond this (Tuesday) morning, hoping to use its shorter maturity to strike a different tenor from recent Nordic bonds that found the going tough in both the primary and secondary markets.

Norway’s Storebrand Kredittforetak priced its debut euro issue yesterday (Wednesday) afternoon, a Eu500m two year issue. The deal attracted strong demand from Scandinavian accounts.

Norway’s Storebrand opened books on its non-benchmark euro debut this (Wednesday) morning, with the deal expected to price at the upper end of its size range this afternoon.

Swedbank is set to price its new Eu1bn three year covered bond this (Thursday) afternoon. However, the deal’s slow progress towards being narrowly oversubscribed was highlighted by some bankers outside the deal, who said that the deal had come too tight to a recent new issue from the Nordic region.

Glitnir Bank ASA, the Norwegian arm of the Icelandic-headquartered banking group, has met all its refinancing needs for the year through the sale of Nkr7bn (Eu890m) of covered bonds by BN Boligkreditt.

Norway’s DnB Nor Boligkreditt priced its new Eu2bn three year covered bond at 15bp over mid-swaps yesterday (Wednesday) afternoon. The issuer announced that it was pleased with the final size and to have continued building its curve.

Norway’s DnB Nor Boligkreditt opened books this morning on a new three year euro benchmark with pricing fixed at 15bp over mid-swaps, after shadow bookbuilding yesterday afternoon at a slightly tighter level.

In brief: DnB Nor Boligkreditt is expected to be the next issuer into the market and is already building a shadow order book, with launch understood to be imminent.

SEB AG nipped into the market this (Wednesday) morning before tomorrow’s continental European holidays to launch a Eu1bn two year public sector Pfandbrief. Some Eu1.25bn of orders had been placed by the time the books were closed late this morning.