Denmark
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Nykredit Realkredit found weaker conditions on its return to the senior resolution note format on Thursday, having recently updated its issuance programme to make sure the bonds will become "non-preferred" senior if Denmark changes its insolvency law. -
Ship financing has been through a torrid time as falling prices have tested and broken the business models of the main German lenders — and so the ship-backed Pfandbrief market has virtually run aground. But Danmarks Skibskredit, an established Danish shipping lender with a strong track record, is mulling a euro-denominated shipping covered bond, and trying to change investors' views of the product, delegates heard at the LBBW covered bond forum on Thursday.
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Danske Bank showed enduring demand for five year covered bonds on Monday when it issued the first Danish covered bond in euros this year. In common with other deals issued in this part of the curve, the bonds quickly attracted a well oversubscribed order book.
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Europe’s equity block trade market kicked into a higher gear this week, with a rush of deals including big trades in Lonza, Worldpay and Dong Energy. The Dong trade on Thursday night, worth Dkr6.5bn (€874m), pushes the week’s total above €3bn.
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Christian Hansen, head of equity capital markets Denmark at Nordea, has left the bank on Thursday this week, in order to join Danske Bank in the summer.
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Swedish Match is selling a 9% stake in Scandinavian Tobacco Group, the Copenhagen-listed cigar and pipe tobacco producer, this evening (Wednesday) though an accelerated bookbuild led by Deutsche Bank and Nordea.
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The socially responsible investment market for public sector bond issuers is shaping up for another busy year, with one agency planning a debut print in the next few months.
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KommuneKredit is planning to sell its first green bond, aiming to bring the deal to market in the second quarter of 2017.
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KommuneKredit and Unédic have both pulled off strong trades, getting in ahead of what is expected to be a busy week in euros by coming to market on Monday.
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KommuneKredit will be first out the blocks in a major currency for the second week running this coming Monday, after mandating banks for a new benchmark on Friday.
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