Denmark
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Public sector borrowers are aiming for the short end of the dollar curve, as swap spreads in the area hover around the spot in which they started 2017, having dropped sharply from the year’s highs hit in March. -
The drought of equity-linked bond issuance in EMEA has suddenly ended this week, with the launch of two deals in three days, by GN Store Nord, the Danish maker of hearing aids and audio devices, and Impala Platinum Holdings, the South African mining company.
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Guarantor: All Danish municipalities and regions
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Equity block trading began smartly on Monday evening after Emmanuel Macron generated relief across markets by winning the French presidency on Sunday. Goldman Sachs brought two trades for its own private equity arm.
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KfW is set to bring its first green bond in euros in nearly a year, with the deal coming amid a flurry of conventional trades in the currency. KommuneKredit is also in the SRI pipeline, after running a roadshow to introduce its green bond framework.
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KommuneKredit is set to hit the road for its debut green bond, after mandating banks on Thursday.
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The heads of funding at DNB Boligkreditt and Royal Bank of Canada told delegates at this week’s IMN conference that investors are well protected from a potential fall in house prices. UK covered bonds are similarly resilient, said a director at Fitch Ratings. And even in a hard Brexit, the privileged position of covered bonds would be upheld by UK courts, said a partner at Clifford Chance.
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Nets, the largest Scandinavian payments processor, priced its first euro bond on Thursday amid keen demand for top rated high yield paper that is leading to low coupons.
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Danske Bank will sell its first ever additional tier one with an equity conversion trigger this week, as it looks to target the dollar market for bonds it can still account for as debt.
