Nordics
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BW Energy, the oil exploration and production company, has priced its Oslo IPO after lowering its valuation target and shrinking the deal, having encountered resistance from investors as the coronavirus outbreak in China knocked 20% off the oil price. -
SR Boligkreditt issued a euro covered bond on Monday and, for the first time in its history, was able to price in line with Sparebank 1 Boligkreditt (Spabol). However, its hopes of issuing more than its usual €500m size were dashed.
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It was third time lucky for Norway this week as it rocketed to a Nkr65bn ($7.0bn) order book with its third syndication. There was a marked increase in real money participation, meeting one of the Norges Bank’s main aims for its syndication programme.
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Arion Bank showed its eagerness to issue additional tier one (AT1) capital on Thursday as Icelandic banks get ready to benefit from a change in the national tax treatment of the instruments.
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Municipality Finance will look to issue a debut social bond in the second half of this year, having just become the first borrower in Finland to publish a framework for the format.
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Bank of America made a paper loss on a €455.4m block trade of shares in Sampo, the Finnish financial services group, on Tuesday night.
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Nordic banks Länsförsäkringar Bank (LF Bank) and Landsbankinn were able to offer “attractive value” in the preferred senior market this week, amid a general hunt for yield among credit investors.
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The Kingdom of Norway hit screens on Tuesday with initial pricing thoughts on its yearly syndicated benchmark.
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Danish aircraft lessor Nordic Aviation Capital has sold $858m in US private placements, according to market sources, which is the largest PP issue by an aircraft lessor in the history of the market. UK-based energy yieldco Atlantica Yield has also issued US private placements.
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The euro market had no trouble digesting a pair of similar trades from Landesbank Baden-Württemberg (LBBW) and Svenska Handelsbanken this week, with both banks printing non-preferred senior bonds at 58bp and paying a small new issue premium to investors.
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The Kingdom of Norway is eyeing the international investor base as it prepares to launch its yearly Norwegian krone bond syndication — a new 10 year benchmark, set to mature in August 2030.
