Nordics
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Issuance in the financial institutions bond market had a preferred senior flavour this week, with issuers finding this the most cost-effective funding compared with other asset classes. In addition, some of them can use it to fulfil regulatory requirements.
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Equinor, the petroleum refining company, sold the last of its shares in oil and gas exploration firm Lundin Energy in a Skr3.3bn ($335m) block trade on Tuesday evening.
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The Danish covered bond market is expected to maintain its exemplary performance with smooth execution likely in the quarterly auctions due to commence next week, a local banker told GlobalCapital on Wednesday.
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Nordea Bank and Erste Group Bank were marketing preferred senior bonds on Wednesday, finding demand in the seven year part of the curve following a flurry of five year deals earlier this week.
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SBAB Bank found plenty of room to tighten the pricing on a new preferred senior deal in euros on Wednesday, after investors welcomed the trade’s green credentials.
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Since the start of the Covid-19 crisis, Finland has found a novel way to meet its increased funding needs: private placements. Over the last six weeks, the sovereign has supplemented its regular auctions with €5.65bn of privately placed trades, issuing private debt off its benchmark bond programme for the first time ever.
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Danske Bank was marketing a preferred senior bond on Tuesday, taking swift advantage of recent changes in Denmark that will allow banks to use these instruments to count towards their regulatory debt requirements.
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Pandora, the Danish jewellery manufacturer, has raised Dkr1.8bn ($176m) through an accelerated placing of 8m treasury shares on Tuesday, to give it funds to withstand the damage to its business caused by the coronavirus pandemic. The company had recently repurchased the shares used in the placing through a buy-back scheme.
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Pexip, the Norwegian video conferencing company, has launched its Nkr2.14bn ($206m) IPO on the Oslo stock exchange.
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The Danish Financial Services Authority is softening its application of the minimum requirements for own funds and eligible liabilities (MREL) amid Covid-19, meaning the country’s largest banks could end up issuing half as much senior debt this year as might have been expected.
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Norwegian video conferencing firm Pexip has shown that there may yet be life in Europe's IPO market, which had been presumed incapacitated by the Covid-19 pandemic. Investors said they are happy to buy new flotations but probably only a select group of companies will be able to come to market.