Nordics
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Financial institutions have ramped up their sales of green debt at the start of 2021, as they look to take advantage of a quiet funding year by building out their environment, social and governance frameworks. This week, nearly all FIG euro issuance arrived in ESG formats. -
Tryg Forsikring found strong demand for a new restricted tier one (RT1) bond in the Swedish market on Wednesday, as it looked to optimise its capital structure in preparation for the purchase of RSA Insurance Group’s Nordic businesses.
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KommuneKredit mandated banks on Tuesday to follow its Nordic peer into the 10 year part of the euro curve, in what will only be the second public deal in the euro SSA primary market this week.
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A pair of sovereigns privately placed century bonds this week, with one of the borrowers — Ireland — dipping below the 1% point for the first time at this sort of tenor.
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Cint, a digital market research company, has priced a Skr5.96bn ($720m) IPO on Nasdaq Stockholm, the largest new listing on the exchange this year.
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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.
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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.
