Nordics
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◆ ‘Exceptionally strong’ deal in tough market ◆ Rarity adds to appeal ◆ Danish krone benchmark could come next -
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◆ Three IG corporate issuers snag more than €12bn of demand ◆ Whipsawing rates do little to dent appetite ◆ Yield hogs: Harley-Davidson tightens spread by 45bp
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Leads to use comparables ranging from South Korea to Denmark when pricing upcoming deal
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◆ Deal makes ‘good sense’ from an arb perspective ◆ First time out in sterling for more than a year ◆ £350m deal size larger than expected
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◆ Deal lands flat to recent Pfandbriefe ◆ No concession needed ◆ Tight domestic spreads drive Nordic investors towards euro prints
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Sustainability links will be added once framework is complete and published
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◆ Note is the issuer’s first in euros since 2022 ◆ Slim pick-up paid over larger peers ◆ Little impact from upcoming merger
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Slim pick-up over larger Nordic peers expected on what could be Sparebanken Sør’s final euro outing
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◆ New 10 year issued every year since 2014 ◆ Pricing comes close to flat ◆ One more syndicated offering planned
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◆ Danish bank finds demand with Friday print ◆ Shorter tenor appeals to investors ◆ Deal lands close to fair value
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Swiss franc bond market records busiest January since 2011
