Denmark

This week's scorecard looks at the progress Nordic agencies have made in their 2020 funding programmes at the start of the second quarter.

Citi has hired Anders Fogh Rasmussen, a former prime minister of Denmark, as a senior adviser with its EMEA investment banking business.

The Nordic region’s credit markets are experiencing something of a lockdown as the spread of Covid-19 lead to dozens of fund providers halting withdrawals last week and the effective closure of the primary market due to a shortage of liquidity.

Denmark and Sweden unveiled a number of policies to combat the economic effects of the Covid-19 pandemic this week, with big changes to their funding plans. Sweden has decided to focus on the short end with an increase in treasury bill and commercial paper borrowing, while Denmark has chosen to increase its overall funding programme.

Danish pharmaceuticals company Bavarian Nordic has announced an Nkr2.8bn (€378m) rights issue to fund its acquisition of GlaxoSmithKline’s commercial and manufacturing rights to Rabipur, a treatment for rabies, and Encepur, a vaccine against tick-borne encephalitis.

Danske Bank confirmed on Monday that it would be redeeming one of its additional tier ones next month, after erroneously stating that it was withdrawing a notice to call the bonds.

The first scorecard of 2020 looks at the progress Nordic agencies have made in their funding programmes at the start of March.

Jyske Bank offered a small new issue premium to investors in a tier two offering in euros this week, taking the opportunity to optimise its capital structure in favourable market conditions.

A pair of supranationals have reopened Danish krone green bonds. Domestic interest in SSA paper has grown over the last year, with green issuance a primary driver.

Issuers of additional tier one (AT1) capital have been more than 10 times subscribed for new deals on average in 2020 so far. This week's euro trade from Erste Group was no exception, with the €500m bond attracting €6.25bn of orders and a 'phenomenally tight' coupon.

Danske Mortgage Bank, Santander UK, Raiffeisenlandesbank Hypothekenpfandbrief and UniCredit Bank AG were marketing covered bonds on Wednesday, steering well clear of negative yields by tapping into healthy demand for long dated assets.

A Dkr6.4bn (€856m) block of shares in Danish renewable energy firm Ørsted reopened the EMEA ECM market on Tuesday evening and attracted huge investor demand for the stock — including from ESG investors.