Norway
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The subscription ratio of a seven year covered bond issued by SR Boligkreditt this week was higher than any Norwegian deal issued in at least six years. -
The strength of the demand for equity block trades in Europe was highlighted once again on Wednesday evening by Telenor when it covered an effective cleanup trade in Veon, the New York-listed Russian telecoms company formerly known as VimpleCom, in half an hour.
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Steven Jensen is leaving his loan syndication sales position at Nordic bank SEB in London to join Norwegian bank DNB.
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Public sector issuers navigated a choppy start to the week to print strong dollar trades, but some SSA bankers worry that the problems that brought that early volatility are far from resolved.
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Kommunalbanken made what bankers away from the trade described as an “excellent” choice of tenor with a dollar benchmark on Wednesday as it tightened pricing from guidance — something that not every issuer has been able to achieve in the currency over the last two weeks. Meanwhile, a Japanese issuer mandated for a trade that bankers expect to go well despite geopolitical tensions in Asia.
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Kommunalbanken will bring a dollar benchmark in a defensive tenor on Wednesday, which a banker on the deal said is the perfect product for investors amid rising geopolitical tensions. The trade also offers an attractive spread over US Treasuries, the banker added, despite a tightening in swap spreads — although other bankers said that tightening meant larger issuers should consider longer dated deals.
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Low-cost telecoms firm Lebara broke a two week silence in the euro high yield market with its first bond.
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Just two share sales stood this week in EMEA in an otherwise barren summer market.
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Axactor, the Nordic debt management company, has raised Nkr598m ($75.3m) to part finance the creation of a new jointly-owned investment portfolio with John Fredriksen, the Norwegian-born oil tanker and shipping magnate.
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The Province of Alberta on Wednesday passed its first bond market test since suffering a double downgrade from S&P in May. Bankers away from the trade said it was a “good outcome”, despite having to pay a bit of concession — unlike most other dollar deals over the last few weeks.
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