Sweden
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Another pair of public sector borrowers tapped the dollar market, hitting two and three years respectively, in contrast to Tuesday’s salvo of long end trades. One of the issuers printed well beyond its initial size expectations. -
Nordea announced on Wednesday that it would become a systematic internaliser for FX and interest rate derivatives and cash bonds under the Markets in Financial Instruments Directive (MiFID) II.
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Industrial & Financial Systems (IFS) closed the loan funding for its acquisition of WorkWave without further syndication on Wednesday, evidence the market is still keen on small size offerings amid a raft of large deals.
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Stadshypotek took advantage of scant covered bond supply — particularly from Sweden in the 10 year area — to issue a tightly priced €500m deal on Tuesday.
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The IPO of Handicare Group, the Swedish maker of stair lifts and mobility products, is multiple times covered at its fixed price of Skr50.
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This week's funding scorecard looks at the progress Nordic agencies have made in their funding through the first half of 2017.
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Credit Mutuel Arkéa (CM-Arkéa) this week issued the tightest French 10 year covered bond in euros this year with a deal that gave funding that was cheaper than anything it had previously issued.
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Three sub-investment grade borrowers printed deals in the high yield corporate bond market on Thursday using different tenors to raise a combined €1.06bn.
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Sweden’s Hoist Kredit has said that it is looking to raise new senior debt in euros, at the same time as asking some of its existing senior bondholders to swap their notes for cash.
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Strong short end dollar demand led a host of issuers to print tight deals this week, including one debut. Investor appetite is expected to stay strong, but bankers are sceptical that there will be much supply.
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