Norway
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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. -
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.
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A hungry euro market gorged on deals from France and the European Union on Tuesday, instilling confidence that a trio of trades on Wednesday’s menu will go well — despite two of them being in the same tenor.
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The Norwegian lender has mandated leads for the seventh Norwegian euro benchmark to be issued this year and the fourth with a seven year maturity.
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Covered bonds issued by DNB Boligreditt and Muenchener Hypothekenbank (MuHyp) on Monday priced with minimal new issue concessions and showed that market conditions were strong. At the same time Canadian Imperial Bank of Commerce (CIBC) opened books for the first Australian dollar covered bond this year.
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Songa Offshore, the Norwegian oil drilling company that is going through a distressed debt restructuring, completed on Thursday its raising of new money with a convertible bond, getting the maximum size of $125m.
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Norske Skogindustrier, the Norwegian manufacturer of paper for publication, announced on Thursday that GSO Capital and Cyrus Capital would provide new securitization and equity financing to save the company.
