Denmark
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KommuneKredit took a careful approach to its first benchmark deal since losing its triple-A rating with S&P. It found a good reception after starting with a wider initial pricing level. -
KommuneKredit hit the screens on Tuesday for a new five year euro benchmark, hoping to emulate the success of the European Stability Mechanism’s deal in the same currency and maturity in July.
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KommuneKredit’s borrowing costs and access to the capital markets are unlikely to be affected by S&P downgrading its long term credit rating, said SSA bankers.
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Nykredit Realkredit more or less filled its annual target for issuance in the non-preferred senior format on Tuesday, raising €500m in its first deal since a recent update to bank insolvency law in Denmark.
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A green bond and a conventional bond both hit the euro market on Wednesday. While neither aimed for size, the pricing action showed much hotter demand for the green offering.
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France sold its first syndicated tap on Tuesday, adding €4bn to its GrOAT line. The sovereign will be followed in the green market by a Danish agency's sophomore offering.
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Danske Bank’s additional tier one note struggled to remain above water in the secondary market on Thursday as subordinated financials debt across Europe sold off. Other banks with plans to issue the instrument will be watching the market closely.
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KommuneKredit will hit the road next week to talk up a new green bond, while a fellow Nordic issuer is looking to enter the social bond market — although not for some time yet.
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KommuneKredit will hit the road next week to talk up a new green bond, while a fellow Nordic issuer is looking to enter the social bond market — although not for some time yet.
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Netcompany, the Danish IT service firm, which priced its Copenhagen flotation on Wednesday, saw its share price rise by 29.6% on its first day of trading.
