Nordics
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Region Stockholm brought social impact bonds into the mainstream European capital markets this week, with a transaction aimed at preventing people from developing diabetes. With healthcare financing top of the agenda in capital markets because of Covid-19, the deal raises the prospect that other issuers could turn to outcome-based financing. Frank Jackman and Jon Hay report. -
Covered bonds issued by SR Boligkreditt and Vseobecna uverova banka (VUB) this week were well subscribed, reflecting the generous spreads they paid compared to deals by issuers from core Europe.
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Deals issued on Thursday by SR Boligkreditt and UniCredit Germany (HVB) illustrated that investor demand is skewed to bonds that offer a pick-up, no matter how small.
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The UK electricity operator National Grid has raised a multi-export credit agency (ECA) covered loan, which also adheres to the Loan Market Association’s Green Loan Principles.
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Region Stockholm printed a health impact bond on Tuesday. It is an example of a social impact bond. Unlike a vanilla social bond, the repayment and interest on the bond are directly linked to the success of the funded health project.
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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, June 15. The source for secondary trading levels is ICE Data Services.
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Kinnevik, the Swedish investment company, sold a 4.4% stake in German e-commerce company Zalando on Monday night with investors pouring into the trade after the US Federal Reserve boosted secondary markets.
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The New Development Bank and Kommuninvest began marketing new dollar benchmarks in the short end of the curve on Monday, with the former set to issue its long-awaited debut deal in the currency to support its member countries from the coronavirus pandemic.
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Finland’s Municipality Finance returned to the domestic New Zealand dollar bond market on Friday after a long absence, to raise its largest Kauri bond since 2008.
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This week's scorecard looks at the progress Nordic agencies have made in their 2020 funding programmes in June.
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France and Denmark have increased the size of their annual funding programmes as a result of the coronavirus pandemic, with the former making the third upward revision to its borrowing needs in as many months.
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