Norway

SR Boligkreditt issued a euro covered bond on Monday and, for the first time in its history, was able to price in line with Sparebank 1 Boligkreditt (Spabol). However, its hopes of issuing more than its usual €500m size were dashed.

It was third time lucky for Norway this week as it rocketed to a Nkr65bn ($7.0bn) order book with its third syndication. There was a marked increase in real money participation, meeting one of the Norges Bank’s main aims for its syndication programme.

The Kingdom of Norway hit screens on Tuesday with initial pricing thoughts on its yearly syndicated benchmark.

Danish aircraft lessor Nordic Aviation Capital has sold $858m in US private placements, according to market sources, which is the largest PP issue by an aircraft lessor in the history of the market. UK-based energy yieldco Atlantica Yield has also issued US private placements.

The Kingdom of Norway is eyeing the international investor base as it prepares to launch its yearly Norwegian krone bond syndication — a new 10 year benchmark, set to mature in August 2030.

BW Offshore, the Norwegian operator of floating oil storage vessels, has fixed a price range for the Nkr1.659bn ($187m) listing of its exploration and production unit BW Energy on the Oslo Børs.

Two supranationals hopped into the Kangaroo market with environmental, social governance (ESG) bond taps this week, in a move that is becoming increasingly popular. With a local holiday this weekend marking the end of antipodean summer, bankers expect Australian dollar issuance to restart in the next few weeks.

Mowi, one of the largest seafood companies in the world, issued a €200m green bond this week. The Norwegian fish farmer advertises seafood as an environmentally friendlier and healthier alternative to meat but has also faced claims that it endangers ecosystems with its net-pen salmon farms.

Norwegian oil exploration and production company Aker BP took advantage of its second investment grade rating, out of three, received in November, to position itself as an investment grade issuer and print a dual tranche five and 10 year deal this week.

The first Kangaroo deals of 2020 from SSAs started trickling through this week, after ANZ blew the doors off the Australian dollar market with a A$3.5bn ($2.4bn) self-led domestic deal on Tuesday.

KfW broke new ground in the sterling bond market on Monday by bringing its largest ever benchmark in the currency. Kommunalbanken is looking to latch on to the red hot market too after picking banks to lead a new December 2024 trade.

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.