Norway
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The Kingdom of Norway has sold a chunk of its stake in Entra, the Norwegian real estate development company, via an accelerated bookbuild that attracted more than 200 orders, according to a source close to the transaction. -
Bank Norwegian has mandated a pair of banks to look into a possible Norwegian krone or Swedish krona issuance.
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BBVA and DNB Bank were both looking to build towards their minimum requirements for own funds and eligible liabilities (MREL) in the euro market on Thursday, eschewing non-preferred senior issuance in favour of the cheaper preferred senior format.
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Norwegian Air Shuttle, the budget airline, has gone back to shareholders for fresh capital for the second time this year, to fund itself into 2020 and beyond, while it tries to shift from a period of aggressive growth to a focus on profitability.
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This week's scorecard looks at the progress Nordic agencies have made in their funding programmes at the start of November. Some of the issuers have also set their funding targets for 2020.
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Sparebank 1 Boligkreditt (Spabol) took advantage of positive swap yields to issue a well-subscribed €1bn 10 year this week. Danmarks Skibskredit and mBank are likely to follow soon, having each mandated lead managers for covered bond roadshows.
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The African Development Bank returned to its inaugural Norwegian krone social bond to increase the trade to Nkr1bn ($109.4m) this week, as it looks to move its social bond framework into other currencies, including dollars.
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SATS, the operator of Nordic fitness clubs, priced its IPO on Tuesday at Nkr23.50 a share. Despite the deal trading down, sellers were happy to get the deal done after a flurry of pulled listings this month.
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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.
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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.
