Nordics
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The recent maturity of a large Nokkie line released NOK9bn ($904.5m) into the market last week, with some foreign investors eager to reinvest in attractive short end paper. -
Norway’s debut syndicated tap went off with a bang on Tuesday, attracting a bumper Nkr37bn ($3.7bn) order book. The deal’s success was driven in part by increased demand from foreign investors for Norwegian govvies.
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Scatec Solar, one of the few pure play renewable energy companies listed in Europe, has sold Nkr1.96bn ($192m) of new stock to finance investments in green power plants.
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With the demand for green loans from its members increasing, Kommuninvest printed its tenth green transaction this week, raising Skr5bn ($520m). Despite the increased demand for green loans, Kommuninvest is yet to proceed with its euro green debut.
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The Kingdom of Norway is set to sell its first ever syndicated tap. The sovereign hit screens on Monday with initial price thoughts for the reopening of a 10 year Norwegian krone bond.
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Public sector borrowers piled into dollars across the curve this week, with every issuer finding plenty of demand. But it was trades from Finland and Cades which stood out with aggressive price tightening and chunky order books as they made their long-awaited returns to the currency.
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Euro area banks have increased their reliance on preferred senior funding during the coronavirus crisis, fuelling speculation that some lenders may be expecting a softening of their minimum requirements for own funds and eligible liabilities (MREL).
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SEB offered investors a negative new issue premium with its preferred senior deal on Monday. With conditions consistently improving for European issuers, this deal has shown that the market is ripe for issuance in the format.
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The Norges Bank surprised the market with an unexpected base rate cut to a record low of zero on Thursday. Since the start of the year, coronavirus volatility and wildly gyrating oil prices have buffeted the value of the kroner.
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This week's scorecard looks at the progress Nordic agencies have made in their 2020 funding programmes in early May.
