Nordics

Všeobecná úverova banka (VUB) issued a €500m five year covered bond on Wednesday at the tightest spread for any issuer from Slovakia. At the same time the Mortgage Society of Finland issued a sub-benchmark sized 10 year at close to fair value. The resounding outcomes for both deals partly reflected the generous spreads on offer. At the same time OP Mortgage Bank has announced plans to issue its debut green covered bond.

Iceland is putting the finishing touches to a sustainable bond framework that will allow it to issue a variety of bonds with socially responsible labels. If the sovereign decides to proceed with the plan, a debut deal in the format could arrive this summer.

Cellink, the Swedish developer of 3D printing equipment for living cells, rose in trading on Friday morning after the company completed a Skr3bn ($350m) sale of new shares and convertible bonds to finance its acquisition of MatTek Corporation in the United States.

Swedish pharmaceutical company Oncopeptides has placed Skr1.1bn ($132m) of new shares to finance the commercialisation of its lead product candidate in the United States, and the development of other treatments.

Swedbank got stuck at initial price thoughts for a $750m three year preferred senior bond in the dollar market this week, having been forced to drop a longer dated leg from its offering.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 8. The source for secondary trading levels is ICE Data Services.

This week's scorecard looks at the progress Nordic agencies have made in their funding programmes in early March.

Swedish Export Credit Corporation on Thursday became sold the third three year dollar deal by a public sector borrower in as many days, showing ample demand for the short end of the dollar curve.

The majority shareholder in Danish insurer Tryg has completed a 53m share sale to part-fund its participation in the company’s $6bn-equivalent rights issue.

SR Boligkreditt issued its largest and longest covered bond on Wednesday, at the tightest spread it has achieved in more than three years, slightly inside fair value.

Hypo Tirol Bank has mandated leads to roadshow its first social covered bond and SR Boligkreditt has mandated leads for a vanilla deal. Both issuers plan on following printing 10 year deals, where yields are almost positive.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 1. The source for secondary trading levels is ICE Data Services.