Nordics
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Finnish agency Municipality Finance has faced a decline in callable MTN issuance this year as investors shun the format and move “more and more towards benchmarks with greater liquidity”, according to funding manager Martin Svedholm. -
Skandinaviska Enskilda Banken (SEB) refrained from pushing into record territory with the coupon on its new dollar-denominated AT1 on Tuesday, as European banks begin testing new lows for yields in the asset class.
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LBBW had enough support from investors to price a new additional tier one (AT1) with hardly any new issue premium on Monday, having been pushed into entering the asset class for the first time as a result of recent changes to the rules on bank capital in Europe.
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This week's funding scorecard looks at the progress European sovereigns have made in their funding programmes as we approach the end of October.
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The African Development Bank returned to its inaugural Norwegian krone social bond to increase the trade to Nkr1bn ($109.4m) this week, as it looks to move its social bond framework into other currencies, including dollars.
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SATS, the operator of Nordic fitness clubs, priced its IPO on Tuesday at Nkr23.50 a share. Despite the deal trading down, sellers were happy to get the deal done after a flurry of pulled listings this month.
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Finnvera stormed through its second — and probably final — syndicated trade of the year on Wednesday as it received a twice subscribed order book that allowed it to tighten the spread by 2bp.
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Investors jumped on the opportunity to buy euro bonds with a positive yield in the public sector market this week as KfW and Kommunalbanken sold 15 and 10 year bonds respectively, with the latter returning to the currency for a benchmark for the first time since 2017.
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Mann+Hummel struggles in Schuldschein market amid splurge in auto trades — Bureau Veritas returns to USPP market — Seplat turns to loans for Eland buy — Endava swaps to syndicated sterling borrowing — Bravida refis revolver, eyes more buys
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Kommunalbanken was almost twice covered for its 10 year euro trade on Thursday as it returned for its first benchmark in the currency since 2017.
