Norway
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Siem Industries, a Cayman Islands-based holding company with diverse interests, issued on Thursday its third exchangeable bond into shares of Subsea 7, the underwater construction company listed in Oslo. -
An auction to settle Norske Skog credit default swaps will take place in June, after ISDA’s determinations ommittee agreed to an initial list of deliverables for the restructuring credit event — despite not having been able to gain access to a crucial document governing the terms of the firm’s guaranteed bonds.
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Norwegian issuer SR Boligkreditt and New Zealand borrower Westpac NZ will both take new euro deals on the road before the end of May, and the UK’s TSB has confirmed covered bonds will form part of its long term funding.
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Plans to settle Norske Skog credit default swaps by auction were still at an impasse on Thursday, after ISDA’s EMEA Determinations Committee was unable to find crucial paperwork despite meeting three times this week.
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A credit event auction to settle Norske Skog credit default swaps is being delayed because ISDA’s EMEA Determinations Committee has been unable to source an intercreditor agreement.
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A pair of SSA borrowers returned to the Norwegian krone market this week for the first time this year, taking advantage of better funding conditions in the market.
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Norwegian Air Shuttle (NAS), the low-cost airline, could become the first Nordic borrower to issue this year in the European high yield bond market.
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Despite the difficult start to the year, global financial exchanges have continued to expand their coverage of world markets with new listed products.
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The primary covered bond market was active this week with as many as seven issuers raising more than €6bn, including the longest deal in over a year and a debut borrower in euros.
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A trio of public sector borrowers comfortably printed at the long end of the euro curve on Wednesday, but the deals suggested a slowdown in demand after a bumper April for the currency.
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Eika Boligkreditt and Deutsche Pfandbriefbank (PBB) successfully issued €500m covered bonds respectively in the seven and 19 year tenors on Wednesday. The German transaction was the longest seen for over a year and pays testimony to investors’ appetite for duration.
