Danske Bank
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◆ Kommuninvest spread surprises bankers ◆ KommuneKredit takes twice covered book ◆ ‘A tough one at the moment’ for euros -
Bankers split on expectations as ‘everyone has been in the market’
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◆ Ten year Länder paper widens against KfW ◆ Deal strikes balance between size and price ◆ Investors on board despite deeply negative OAT spread
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Agency is now 65% funded with another deal planned for a couple of months’ time
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Investors are cautious but the deal is “a good test" of the current environment
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Issuer to stick to usual pattern with last syndicated benchmark of the year
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'Good timing' for the sovereign to return to dollars as euro market continues to wobble
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Sovereign achieves bigger greenium than in 2023, but orders fell by more than half after price was tightened
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◆ Danske saves with three year floater ◆ No NIP needed for Danske’s seven year tranche ◆ DNB’s €1bn print only just covered
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◆ French issuer picks size over price ◆ ‘Three handle’ important to secure investor interest ◆ Danske readies fixed and floating rate notes
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◆ Barclays leads reopening of foreign banks' issuance in yen ◆ BFCM unleashes 'rare beast' Kangaroo ◆ Danske stays closer to home in Swedish krona tier two
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‘Green German Day’ saw agency and sovereign both enjoy clear green pricing advantage
