Nordics
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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. -
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.
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Three covered bond issuers took advantage of a rise in yields, following what seemed a breakthrough in Brexit negotiations, to issue transactions that would not have been well received two weeks ago. Banca Popolare dell’Alto Adige’s debut and Sparkasse Hannover’s sub-benchmark deals delivered positive returns, while demand for a slightly negative-yielding benchmark from Sparebanken Sør Boligkreditt was boosted by its green credentials.
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The World Bank appointed banks on Tuesday to lead its first 10 year dollar benchmark in almost two years to join a flurry of SSAs who have recently ventured into this rarely visited part of the curve in the currency. Meanwhile, Finnvera has mandated banks for its second syndicated trade of the year.
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The branding may be on the way out, but there are plenty of reasons to be encouraged about the potential for real progress in the next phase of the Capital Markets Union.
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SATS, the Norwegian owner and operator of fitness clubs across the Nordic region, has set a price range on its Oslo IPO that values it at over €450m at the top of the range.
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Kommuninvest has added euros to its strategic funding markets for benchmark bonds alongside Swedish krona and dollars.
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Sweden’s consideration of whether to issue a green bond has been careful and thorough, stretching over nearly three years and considering several objections. The Riksgälden (Swedish National Debt Office) is now determined to go ahead with a deal in 2020. Here, the Riksgälden answers GlobalCapital’s questions about its thinking.
