Norway

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.

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.

This week's scorecard looks at the progress Nordic agencies have made in their 2018 funding programmes.

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.

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.

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.

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

Rating: Aaa/AAA

A flattening and rising US Treasury yield curve may be sparking concerns of a slowdown for the US economy but it is having the opposite effect on the short end of the dollar market for public sector borrowers, writes Craig McGlashan.

Kommunalbanken could potentially visit the green bond market before the summer, helping to fund a growing green lending programme. It is also likely to follow up with another conventional benchmark issue after the break.

Kommunalbanken priced a three year dollar benchmark flat to its secondary market curve on Wednesday, picking up $1bn at a punchy spread.

Kommunalbanken has circulated initial price thoughts of 5bp area over mid-swaps for a no-grow $1bn three year benchmark, a level that bankers away from the trade said was 'well priced'.