Nordics

Investor demand for Møre Boligkreditt’s five year covered bond issued on Wednesday was well in excess of the deal size — even though the negative yield of minus 0.269% means they are bound to lose money if they hold it to maturity.

SR Boligkreditt attracted robust demand for its first green covered bond on Tuesday, enabling the bonds to be priced with a minimal concession.

Investors have not completely shunned Libor-linked floating rate notes from public sector borrowers, as a trade from Swedish Export Credit Corp showed this week.

SATS, the Norwegian owner and operator of fitness clubs across the Nordic region, is seeking to list on the Oslo stock exchange, riding a wave of interest in the consumer fitness sector sparked by the IPO of Peloton in New York.

Deals set to be issued by the Province of Ontario and Development Bank of Japan on Wednesday attracted good demand, reflecting their higher yield relative to other dollar supra and agency bonds.

Scatec Solar, a Norwegian solar power generator, raised Nkr1.3bn (€132m) of growth capital in a share sale on Tuesday evening amid rising investor demand for renewable energy assets in Europe.

Kommuninvest kicked off the dollar market this week with a $1.25bn blowout, despite it being at record tight levels over Treasuries, according to a banker on the deal. Following on from Kommuninvest’s deal, a wide range of SSAs look to print across the curve, including rare issuer IDB Invest with its five year dollar bond debut.

Shares in EQT, the Swedish private equity firm, popped 25% on day one after its IPO was priced on the Nasdaq Stockholm on Tuesday — after what sources called a “targeted” IPO process.

The Province of British Columbia has weathered volatility from the fallout of last week's meeting of the US Federal Reserve to return to the dollar market for the first time in four years. Another rare SSA issuer, IDB Invest, also plans a return to the dollar market, with investor calls set up for this week ahead of its five year debut.

Sparebank 1 Østlandet priced €500m of debt in senior preferred format at a spread of 67bp over mid-swaps this week — 8bp tighter than the initial price talk. The issuer is not a frequent visitor to the primary market, so it had to pay a higher premium than other borrowers, according to a banker away from the deal.

The City of Gothenburg plans to up its green bond issuance to two a year as part of Nordic public issuers’ wider push in the format. The Swedish municipality made its first visit to the green bond market this year on Tuesday, using its new green bond framework.

The City of Gothenburg sold a new dual tranche green bond on Tuesday, raising a combined Skr1.8bn across fixed and floating rate tranches. The note was the first printed under its new updated green bond framework.