Nordics

Denmark’s debt officials have a highly original plan to issue green bonds in which the green element can be stripped off and traded separately. It’s going to put many a green nose out of joint. That’s no bad thing: the market needs to re-examine its claims to efficacy and virtue.

Denmark’s government debt management office has formally proposed issuing green bonds in which the green element can be stripped off and traded separately — something that would be a world first, and would ask difficult questions of the green bond market. The DMO said investors had welcomed the idea.

Swedish Export Credit Corporation has grabbed $500m of four year paper in what will almost certainly be the last SSA syndication of 2019.

DNB Bank made the most of a favourable backdrop in the financial institutions bond market this week, selling a short-dated senior bond in sterling after recent prints in euros and dollars.

Swedish Export Credit Corporation appointed banks on Wednesday for the first syndicated public sector dollar bond since mid-November.

The Kingdom of Norway has sold a chunk of its stake in Entra, the Norwegian real estate development company, via an accelerated bookbuild that attracted more than 200 orders, according to a source close to the transaction.

Bank Norwegian has mandated a pair of banks to look into a possible Norwegian krone or Swedish krona issuance.

A number of untested European companies have made their entrance to the international high yield bond market in the past two weeks as central banks fuel conditions that pamper repeat and new issuers alike, while driving investors into ever riskier assets in a hunt for yield. Karoliina Liimatainen reports.

Nasdaq has developed a new method for pricing Danish covered bonds, which are typically more difficult to price than fixed-rate euro deals because of prepayment risks of mortgages in the underlying pool and negative convexity associated with callable deals.

Swedish heating and ventilation service provider Assemblin is braving the euro-denominated high yield market for the first time with €250m bond issue, used for refinancing and dividends. Exceptionally favourable conditions lured Triton-backed Assemblin to try its hand with international investors.

Financial institutions are rushing to sell new deals in the euro market, fearful that the window for issuance will close after Thanksgiving in the US next week.

Saxo Bank gave investors a chance to pick up one of the highest yields on offer in the additional tier one (AT1) market in euros this week, albeit in a very small sub-benchmark size.