Nordics
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Bank borrowers are eager to make the most of strong bid for covered bonds
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Deals of all stripes find a home with 17 euro tranches launched
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Both issuers print with no new issue concessions, but Sparebanken Vest benefited from scarcity appeal and belly of the curve bid
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Week promises fireworks as more US names and another airline join the melee
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Tapping euros allows Spabol to pick up duration unavailable in its home market
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Borrowers at either end of ratings spectrum find success with green paper
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Scarcity value help propel the book to almost €2bn
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Spread to swaps lures bank treasuries; sovereign on track to complete 65% of funding by Q3
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Further Nordic supply expected from Sweden’s LF Hypotek
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Chinese group sold all its B shares
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Deal was issued after new green financing framework was put in place
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Move in basis swap rate brings Swiss franc funding costs in line with core markets
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Swissie market offering pricing benefits to issuers willing to go longer
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Calculating concessions ‘the only real challenge’ in red hot covered bond market
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Investors pledged over €875m of orders for the sub-benchmark sized deal
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Swiss franc bond investors take lower interest rates in their stride as hunt for duration continues
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AB-InBev and Statkraft head to far reaches of their curves
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Vår Energi has performed well since its flotation on the eve of the outbreak of war in Ukraine
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Almost €5bn in euros alone on another wild Wednesday
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Norwegian lender seals five year covered 2bp-4bp through fair value
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Transmission operators and travel companies prepare euro deals
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◆ Iceland’s Landsbankinn finds 'insane demand' ◆ Danish Arbejdernes Landsbank ‘slow’ progress blamed on unfamiliar name ◆ Fast money shows price sensitivity to SR-Bank trade
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Settlement moved to March 8 after S&P reduced the firm's outlook to negative
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Wind company spins order book more than five times deal size
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Issuer follows CPPIB into an otherwise quiet market for the currency
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Danish agency scored largest ever book and at a tight spread to US Treasuries
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The Swedish real estate sector has felt the pressure of rising borrowing costs
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Metro launches in line with initial price thoughts amid rising concessions
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Ellevio, Moller-Maersk and Metro latest to court fixed income investors
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Strong outing from supra despite swap-spread vol
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Swedish borrower in the market months after agreeing Stanley Infrastructure purchase
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Investors offered high grade euro mandates from newcomer Epiroc and Portugal's Ren
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The Norwegian smart warehouses company's shares have performed poorly since its IPO in 2021
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United Utilities, Securitas and Klépierre come on usually quiet day
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Nordic ECM has had a more positive start to 2024 than 2023, with over $2.6bn raised via 43 deals
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Embattled company’s long dated spreads resilient despite new defensive plan and S&P downgrade
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Sale ends Kemira's century-long relationship with the state of Finland
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Even the highest rated corporate borrowers are able to bring spreads in by leaps during bookbuilding in scorching market
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Belgium next with second syndication of the year
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The block on Monday night raised Sfr146.7m for Kirkbi Invest, the investment company of the Kristiansen family
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Demand continues to far outstrip supply in IG corporate market
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Plenty more to come yet from the Finnish agency, including green and possibly social bonds
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The capital increase secured a 69% take-up from investors
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KommuneKredit, CDC and MuniFin keep euro and dollar investors busy
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◆ Danish bank issues €500m in its largest euro tier two, raising €200m new capital ◆ Eye-catching spread of 250bp results in oversubscription ◆ Starts tender for old €300m tier two ahead of call
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Another Nordic issuer also appeared in euros for the first time in 2024
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Crédit Agricole Italia, SaarLB, OP and Tirol greatly boost covered confidence
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Issuers take in small concessions and big books, as bankers ask after long maturity trades