Nykredit

Nykredit blasts through 300bp barrier, pushing investors up the capital stack

◆ Record-breaking reset spread ◆ Issuer sails through previous 300bp barrier despite investor resistance ◆ Minimal new issue premium

◆ New deal to replace AT1 from October 2020 ◆ Resistance to tight pricing building ◆ Market watches the 300bp euro reset barrier

◆ Busy week for euro capital trades ◆ Fair value disputed ◆ 'Yield buyers' running the market, rival banker says

◆ Nykredit captures tight funding ◆ Issuer's last benchmark of the year ◆ Investors looking to pay the price to diversify into tight Nordic bank credits

◆ Danish lender raises €2.25bn of bail-in debt in one go ◆ Offers visible premium to lure investors for its acquisition funding of Spar Nord Bank ◆ Issuance strategy positively deviates from the past