SEB
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Sustainability bonds are the flavour of the week for regional issuers, as the State of North Rhine-Westphalia smashed the size record for sub-sovereign SRI bonds on Tuesday and Île-de-France hit screens to announce its own socially responsible investment bond. -
The State of North Rhine Westphalia will sell its third sustainability bond on Tuesday, following a pan-European roadshow.
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Apax Europe has sold its last remaining shares in Capio, the Swedish private healthcare group, for Skr660m (€70m).
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The Swedish National Debt Office (SNDO) promoted non-preferred debt as a way for Swedish banks to meet the minimum requirement for own funds and eligible liabilities (MREL) on Thursday, establishing a favourable method for calculating the requirement and a manageable timeline for its implementation.
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Investors piled into a €1bn dual tranche transaction from telecoms company Ericsson on Monday even after the issuer dragged pricing in by around 35bp, in an execution that bankers say highlights how tough it has become for syndicates to derive fair value.
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Skandinaviska Enskilda Banken broke a near ten year record in setting a very tight spread for its debut green bond, helped by a maturing green investor base and a recent flight to quality.
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The FIG market was gripped by a bout of volatility this week, causing new issue premiums to rise and order books to shrink. But primary markets will still be there to support the growing number of financial institutions exiting earnings blackouts.
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Sweden’s Molnlycke got in early this week with a €500m eight year trade, as bond bankers said that the euro market is ready to ramp up again in the coming days.
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Skandinaviska Enskilda Banken mandated banks for its first green senior bond on Wednesday, as a growing number of banks catch on to the merits of the format.
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The State of North Rhine-Westphalia announced on Monday that it will hold a roadshow for its third sustainability bond.
