Norway

DNB Boligkreditt issued a covered bond on Thursday that became its most oversubscribed covered bond ever, equalling the bank’s biggest ever order book. The deal, secured on green mortgages, was priced through its vanilla curve, clearly demonstrating the demand for covered bonds.

After issuing the first green covered bond, Sparebank 1 Boligkreditt has now become the first bank outside the UK to undertake a Sonia consent solicitation. The consent solicitation will increase pressure on other issuers outside the UK to follow suit.

Expected euro denominated covered bond supply from the Nordic region looks promising with Norway likely to prove a particularly bright spot. However, more cost-effective domestic funding in the Swedish market is expected to depress euro volumes there.

Norwegian banks are unsure how to press on with their minimum requirements for own funds and eligible liabilities (MREL). The Financial Supervisory Authority of Norway (NFSA) is asking them to meet their targets with subordinated liabilities only, but there is a chance the country will implement a softer set of EU rules next year.

This week's scorecard looks at the progress Nordic agencies have made in their 2020 funding programmes in mid-December, with some issuers also setting their targets for 2021.

A busy December for Nordic equity capital markets continued on Tuesday night with a Nkr2bn ($230m) transaction in Adevinta, the e-commerce and classified advertising company owned by Schibsted Media Group.

Kommunalbanken, the Norwegian funding agency for local governments, is reducing its 2021 funding programme.

Kommunalbanken, the financing agency for Norwegian municipalities, and L–Bank, the development bank for the State of Baden–Württemberg, built well covered order books as they brought what will likely be the SSA market’s final dollar benchmark deals of 2020.

Kommunalbanken and L-Bank will each bring a dollar benchmark to the market on Tuesday, in what could be the final public SSA deals in the currency this year.

This week's scorecard looks at the progress Nordic agencies have made in their 2020 funding programmes at the end of October.

Scatec Solar, the Norwegian solar energy company, raised Nkr4.75bn ($512m) through an equity placing on Tuesday night. The sale was for 15% of the company’s share capital — 5% more than it was allowed to issue through a non-preemptive placing. It made up the balance by borrowing shares from its largest shareholder.

Link Mobility, the Norwegian provider of business to consumer messaging and mobile services, has begun trading on the Oslo Børs following the completion of its Nkr6bn ($650m) IPO.