SEB

Financial institutions did not take long to return to printing new bond deals at tight spreads this week, as investors quickly got over fears about the impact of the coronavirus epidemic.

Elenia, the Finish electricity distribution company, opened books for a €500m no-grow seven-year bond on Thursday, its first issue since Standard & Poor’s upgraded it to BBB+ in November.

The Norwegian krone bond market is about to get a spurt of corporate deals. Liquid chemical storage company Stolt-Nielsen and energy group Eidsiva Energi have mandated banks to lead bond issues in their domestic currency.

Essity, the hygiene and health products company spun off by Sweden's SCA in 2017, slipped into the bond market with a €300m no-grow 10 year issue on Tuesday. The issuer was estimated to have paid a low single digit new issue premium.

Swedish issuer Kommuninvest is preparing to launch its first deal of 2020 — a five year Swedish krona note.

A pair of supranationals have reopened Danish krone green bonds. Domestic interest in SSA paper has grown over the last year, with green issuance a primary driver.

KfW, the European Investment Bank (EIB) and, in the medium-term note (MTN) market, a German region and a Finnish agency have kicked off the Norwegian krone market for SSAs. Bankers are hoping to extend krone’s impressive form from last year into 2020.

Sweden’s Swedavia, an airport operator, has printed a Skr1bn (€94m) green bond, the issuer’s debut outing in the sustainable bond market.

JAB Holding, the consumer products holding company, steepened its credit curve this week with its dual tranche bond, as it preferred securing demand over squeezing investors on pricing.

Bank issuers led a flurry of dollar bond deals this week, as they dashed to wrap up funding before year end and ahead of the US Federal Reserve’s final meeting of 2019.

E.On, the German power company, hit the short end of its bond curve on Tuesday, launching a €500m no-grow 2.8 year deal on a tricky day for the wider markets.

Groupe BPCE and BNP Paribas issued green bonds this week, attracting strong levels of demand for such a late stage in the year.