Nordics
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This week was the busiest of the year so far for bank senior supply in euros, as issuers took advantage of strong market conditions after posting full year results. -
The depth of demand for financial institutional funding in the domestic Scandinavian currency markets was illustrated this week with a series of covered bonds and subordinated new issues.
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Golden Ocean Group, the Burmuda-registered oil and dry bulk shipping company, has completed a Nkr2.87bn ($338.5m) capital raising backed by Norwegian billionaire John Fredriksen.
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Nykredit Realkredit is expected to open order books for two Swedish krona covered bonds on Thursday with a combined value of about €2bn, including one secured on green mortgages.
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The size of a covered bond liquidity buffer that protects investors against the risk of payment disruption should be an important risk consideration, but there is no incentive to play safe as regulatory and central bank treatment of the asset class play more pivotal roles in valuations.
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A pair of triple-A rated European agencies sold their first Swiss franc bonds for several years this week, responding to reverse enquiry for long dated, high rated paper.
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Nordic Entertainment Group (NENT), a Swedish entertainment company that operates video streaming and television services, completed a Skr4.35bn ($523m) capital raise on Wednesday evening and attracted enough investor demand to price a larger deal than originally intended.
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Achmea has become the latest Dutch bank to transition to a soft bullet maturity. This will have a material impact on central bank treatment and funding, but opportunities to extract value in the secondary market will be a challenge.
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KommuneKredit dropped into the Swiss franc market on Tuesday to make its first appearance in the currency since June 2015.
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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, February 8. The source for secondary trading levels is ICE Data Services.
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Three eurozone sovereigns all extended their euro curves with huge order books for syndicated transactions this week in a sign of rampant investor appetite for long-dated debt.
