SEB
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Steven Jensen is leaving his loan syndication sales position at Nordic bank SEB in London to join Norwegian bank DNB. -
Swedish property manager Fastighets AB Balder printed the year’s first hybrid bond with speculative grade ratings on Thursday, after investors oversubscribed its €350m offering by 4.5 times.
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Fastighets AB Balder, the Swedish property manager, began roadshowing for a €350m hybrid bond in euros and Swedish kronor on Tuesday. It may become the second Nordic borrower to issue in an otherwise quiet euro high yield market during the summer break.
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Two deals were priced this week in the European corporate bond market, and next week already looks busier. With a roadshow under way and four others coming up, the window before September’s European Central Bank meeting looks full.
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European corporate bond investors had only one corporate bond deal to consider in August before LafargeHolcim brought its €750m 12 year deal on Tuesday. But that lean period looks to be over as ISS Global followed with a €600m 10 year transaction on Wednesday.
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European corporate bond investors had only had one corporate bond deal to consider in August before LafargeHolcim brought its €750m 12 year deal on Tuesday. But that lean period looks to be over as ISS Global followed with a €600m 10 year transaction on Wednesday.
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On Tuesday LafargeHolcim became the first issuer for nearly two weeks to launch a corporate bond in Europe. The €750m 12 year deal received strong demand, which may lead other issuers to bring forward their plans.
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Independent Vetcare, a veterinary group based in the UK, is back in the market with an add-on to the sterling loans that funded its leveraged buyout in April.
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SEB issued a tightly priced €1bn seven year covered bond on Tuesday, but the slim scale of oversubscription reflected investors’ resistance in the fatigued market.
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The blossoming market for socially responsible investments focussing on social problems, rather than environmental concerns, sprouted a new shoot this week. Nederlandse Waterschapsbank’s affordable housing bond could be the first of many of its type and may open the door for housing associations to sell social bonds.
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Nederlandse Waterschapsbank’s first ever affordable housing bond raised €2bn across two tranches on Wednesday. One banker on the deal said he was “certain other borrowers will issue more like this”.
