Swedbank
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Finnish property company, Mercada, was a lone issuer in the corporate bond market on Monday. Its €175m five year deal q was printed while issuers that completed roadshows last week paused. -
Nordea’s order book was more than twice oversubscribed for a €2bn deal across two tranches on Tuesday, while Swedbank also found demand for a sterling deal. The deals suggest that, despite tight spreads, investors are not deterred from senior preferred from the right names.
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Kepler Cheuvreux has welcomed Swedbank into its European ECM fold as it continues to face off against global investment banks. It has created a model that is tough for others to replicate, writes David Rothnie.
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A week long roadshow and investor meetings in six countries paid off for Swedish debt collector Intrum Justitia, which sold the bond to fund its merger with Lindorff with an average coupon of below 3% on Friday.
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Covering four tranches, two currencies and fixed and floating rate payouts, what could be the largest high yield bond since April 2016 hit screens on Monday as Intrum Justitia embarked upon a week-long roadshow for a €3bn bond.
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Suomen Hypoteekkiyhdistys (Hypo) and Bank of New Zealand have announced marketing programmes ahead of expected covered bond deals.
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Swedbank listed a new programme on the Tokyo Pro-Bond market on Wednesday, as the Swedish bank looks to dip its toes into ever more attractive yen funding.
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Swedbank fixed a final spread below 100bp on a new €650m 10.5 year non-call 5.5 on Monday, as issuers in the asset class benefit from supportive market conditions and strong supply dynamics.
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Crédit Agricole issued one of three euro benchmark covered bonds this week, attracting demand that topped the combined interest seen in deals issued by Swedbank and HVB.
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Swedbank took advantage of strong market conditions to issue its second covered bond of the year which was priced with a negligible concession and extended its curve.
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Swedbank launched a new five year on the back of ‘extraordinarily tight’ secondary levels on Friday, taking advantage of strong dynamics in the preferred senior market and a remarkable year for Swedish debt.
