Nordics
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Large European banks shifted their funding focus to the dollar market this week, printing stunning deals as the euro market showed it was more sensitive to signs of tighter monetary policy. Tyler Davies reports. -
Two SSA issuers were expected to follow Tuesday’s outing in euros from the EU, but only one elected to brave the market on Wednesday.
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The IPO of Trifork, the Danish software company, on Nasdaq Copenhagen is oversubscribed on the full deal size, according to a source close to the deal.
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Market participants expect to see the end of “vanilla” deals in the European bank bond market, as tier two debt becomes the latest asset class to embrace call periods over call dates.
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Danske Bank set a careful foot into the Reg S dollar additional tier one market this week, in the wake of a difficult trading session for global equities.
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The financial institutions bond market in euros was on hold on Tuesday, as European issuers saw no reason to rush into doing deals while global equities were selling off and interest rates were being buffeted by expectations of inflation.
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KommuneKredit made a strong return to the sterling market on Friday with its biggest ever single offering in currency.
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Nordea made a rare entry into the euro tier two market on Monday, taking advantage of strong issuance conditions to steer its pricing in close to fair value.
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DNB Boligkreditt and Sparebank 1 Boligkreditt (Spabol) issued deals flat to their curves with strong demand this week, while Bawag brought the first Austrian transaction through mid-swaps in almost three years.
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Sparebank 1 Boligkreditt (Spabol) priced a €1bn 10 year Norwegian covered bond flat to fair value on Thursday with demand of more than €2bn, showing, once again, the effect of investor demand in an environment of unprecedented negative net supply.
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DNB Boligkreditt issued a €1bn seven year covered bond at flat to fair value with strong demand on Wednesday, providing encouragement for Sparebank 1 Boligkreddit (Spabol) which mandated leads for a follow-on 10 year Norwegian covered bond.
