Norway

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.

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.

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.

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.

Sparebank 1 Boligkreditt on Tuesday followed Commerzbank into the covered bond market. By coming 20bp back of Commerz, the Norwegian sale was much smoother.

Commerzbank and Sparebank 1 Boligkreditt have mandated leads for 10 year euro covered bond benchmarks after WL Bank issued a 10 year on Monday. Deutsche Pfandbriefbank is due with a dollar-denominated Reg S covered bond benchmark, while the main supply in capital comes from DBS Bank.

Bionor Pharma, the Norwegian biotech firm focused on developing a cure for HIV, will raise Nkr104m ($12.6m) after it simultaneously priced its private placement and announced a fully underwritten rights issue on Thursday.

The list of Norwegian covered bond debuts continues to grow with Moody’s assigning a top rating to OBOS Boligkreditt, the largest housing and real estate developer in Norway. The agency now rates 18 Norwegian covered bond programmes in this nation of five million people.

Coveris — Stolt-Nielsen

Shares in BW Offshore, one of the world’s largest operators of floating oil production and storage vessels, traded up in Oslo on Monday after the company completed its Nkr847m ($101m) rights issue.

Norwegian gas and oil shipping and storage company Stolt-Nielsen has agreed $325m of new debt arrangements with three of its relationship banks to fund the purchase of Jo Tankers' chemical tanker operations.

Shares in BW Offshore, the Norwegian floating oil storage vessel owner and operator, have fallen 69% after its shares began trading ex-rights on Wednesday, ahead of its $100m rights issue.