Nordics
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Fearful of missing out and, in the absence of competing credit supply, investors piled into six covered bonds on Tuesday with a combined value of more than €6bn.Royal Bank of Canada’s deal epitomised the state of investor frenzy as it was able to issue the largest deal of the year with a negative new issue premium. -
Banca Monte Dei Paschi di Siena (MPS), Fédération des caisses Desjardins du Québec (FCDQ), SpareBank 1 Boligkreditt (Spabol) and DZ Bank have announced plans to issue covered bond benchmarks on Wednesday when the market is expected to be just as busy as it was on Tuesday.
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Leveraged finance markets in Europe are looking up, and bankers expect they may even see some deals priced before long.
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Dollar SSA issuance picked up in earnest this week after a slower than usual start to the year, with a rich variety of borrowers printing deals, some in record size or with record books. Conditions are such that SSA bankers are confident supply will keep coming and demand stay high for the next few weeks — cheering news for one sovereign issuer looking to make a comeback in the currency.
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Public sector borrowers printed over $10bn of bonds on Tuesday in a dollar market that SSA bankers expect to keep its momentum in the weeks ahead.
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SEB has selected a new head of equity capital markets following Artem Kosenko’s move across to debt capital markets.
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CPPIB Capital was comfortably oversubscribed for its $2bn trade on Monday with the dollar SSA market remaining attractive at the short end. Agence Francaise de Developpement, KfW and Kommuninvest will look to tap into lucrative conditions in the currency after mandating banks for deals on Tuesday.
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Euronext on Monday formally launched its offer to buy Norwegian exchange group Oslo Børs VPS, saying it wanted to position the firm as the “key capital markets hub in the Nordic region”.
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Investors flocked to Nordic and Canadian covered bonds issued this week by DNB Boligkreditt, Bank of Nova Scotia (BNS) and National Bank of Canada, perhaps reflecting a view that their spreads are well positioned to withstand the European Central Bank’s withdrawal from covered bond market.
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Danske Bank is waiting until activist investor Bill Browder gives a press conference before deciding whether to proceed with the sale of a senior non-preferred bond. News of the conference derailed the deal on Wednesday, after final terms and a $3bn size had already been set.
