Norway
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Covered bond issuers are monitoring the dollar market with recent deals from DNB Boligkreditt and CIBC suggesting a welcome reception for further issuance. However, Canadian banks, perhaps the most likely dollar issuers, could well be enticed to consider their home market following TD’s recent success. -
Allied Irish Banks was unable to bring in pricing from initial price thoughts on Tuesday. SpareBank 1 SMN appeared to be finding more success with its senior preferred offering.
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Clients of bank index platforms are adapting to a new investment climate, increasingly opting for more defensive strategies and specifically positioning for volatility spikes similar to the ones markets experienced in early February.
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DNB Boligkreditt priced its inaugural green covered bond this week, paying a smaller new issue premium than core European names, but still attracting a large and granular order book in a short time frame.
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Sparebank 1 Boligkreditt took advantage of a slight improvement in sentiment on Monday to issue a €1bn five year covered bond while Møre Boligkreditt issued a sub-benchmark deal. The two banks followed DG Hyp which issued a nine year benchmark.
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The world’s largest salmon producer, Marine Harvest, sold the Nordic fish farming industry’s first bond for five years last week and as the industry scales up sources say a wave of issuance from the sector could be on the way.
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This week's scorecard looks at the progress Nordic agencies have made in their 2018 funding programmes.
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Telecoms firm Lebara this week pushed back a deadline to avoid breaching reporting covenants of its only bond, a high yield note under Norwegian law, leaving some market participants worried about contagion.
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DNB is preparing to issue its first green covered bond, the proceeds of which will be used to fund the most energy efficient residential mortgages in Norway. The prospective deal has been structured in line with the Green Bond Principles and will be endorsed by Sustainalytics.
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Telecoms company TDC fired the opening shot of a multi-billion funding package for its leveraged buyout this week, with some investors showing mixed feelings about such deals.
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This week's scorecard looks at the progress Nordic agencies have made in their funding programmes.
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