Norway
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Norway’s top spot in Nordic high yield annual primary issuance has historically been invulnerable. But with most borrowers linked to the energy sector and oil prices struggling to recover, its reign may be about to change this year. -
Gjensidige Forsikring, the second largest shareholder in Norway’s Sparebank 1 SR-Bank, has tonight launched a block trade to sell a 5.7% stake in the bank, worth about Nkr690m (€77m) before any discount.
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Rising oil prices are said to be behind the strong reception Norway’s DNB got on Tuesday when it reopened the dollar Reg S market for additional tier one (AT1) paper.
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The revival of convertible bond issuance by the traditional issuer base of smaller, riskier companies continued at the end of last week with contrasting deals by Ship Finance International and Recipharm.
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Telenor sold $1.5bn of shares in VimpelCom, the Russian telecoms company, this week, in a combined equity placing and exchangeable bond that were well received, despite the Uzbek bribery scandal that engulfed both companies last year.
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Kommunalbanken (KBN) on Tuesday took advantage of Lael Brainard's, a US Federal Reserve governor, dovish comments on US rates from the day before to eliminate any premium paid on its new five year dollar benchmark.
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DNB Boligkreditt issued a larger than average euro benchmark 10 year covered bond at a spread that was arguably flat to its curve this week, showing solid demand for non-Eurozone deals that still offer a substantial pickup to core markets.
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HSBC and Santander UK found strong demand for senior bonds issued from their holding companies this week, revealing an opportunity for more deeply subordinated supply such as Nordea’s tier two benchmark.
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DNB Boligkreditt issued a larger than average euro benchmark 10 year covered bond on Tuesday at a spread that was arguably flat to its curve illustrating solid demand for non-Eurozone deals that still of a substantial pick-up to core markets.
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Sparebank 1 Boligkreditt followed Commerzbank into the covered bond market this week with another 10 year and with a 20bp premium to the German lender, its sale was a lot smoother.
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Sparebank 1 Boligkreditt on Tuesday followed Commerzbank into the covered bond market. By coming 20bp back of Commerz, the Norwegian sale was much smoother.
