Nordics
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DNB Boligkreditt did not waste any time waiting to tap its covered bond first issued last week, raising a further Skr500m on Thursday in order to capitalise on the attractiveness of the Swedish krona compared with other currencies. -
A trio of European SSAs raised a combined $6bn with five year dollar benchmarks this week. Kommunalbanken, the European Stability Mechanism and Nordic Investment Bank all hit a “very deep pocket” of demand in the tenor.
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In a busy week for European sovereign sustainable issuance, Municipality Finance took the chance to sell its debut social bond — the first in the format from any Nordic SSA.
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The European Stability Mechanism hit dollar the market on Wednesday with a five year benchmark — its fourth ever in the currency. Two Nordic issuers are set to follow suit on Thursday.
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Sweden’s long gestating green bond debut came to fruition this week as the sovereign scooped Skr20bn ($2.3bn) at a discount to its conventional curve.
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Following a series of investor calls, Sweden has announced the tenor of its debut green bond, which is expected to be issued early next week through syndication.
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International Finance Corp sold the first Kauri bond in more than two months on Thursday, while in the Kangaroo market a pair of European agencies tapped a pocket of demand further down the curve.
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Municipality Finance will be holding a series of investor calls next week as it looks to issue its inaugural social bond following the publication of a framework earlier this year.
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DNB issued a Swedish krona covered bond on Thursday in a size large enough to qualify for the best treatment under the liquidity coverage ratio (LCR) and at a more competitive funding level than was available elsewhere. The deal was issued amid renewed hope that Nordic issuers will stay active in euro covered bonds this year.
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A softer backdrop on Thursday was not enough to deter financial institutions from entering the euro market, with Deutsche Bank set to sell a new non-preferred senior bond and Finnish insurer Sampo welcoming plenty of demand for a tier two.
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The primary euro public sector bond market continued its busy week on Thursday with KfW and KommuneKredit issuing new 10 and 20 year deals, respectively.
