Denmark

A pair of public sector borrowers are set to join NRW.Bank in the dollar market this week, taking advantage of good conditions — and with perhaps one eye on the US presidential election in early November.

Next week’s Danish covered bond auctions are eagerly awaited by yield-starved foreign investors. The 30 year callable notes offer the highest yields for a triple-A rated credit to be found anywhere.

Banks considering ‘tier three’ issuance will be buoyed by the recent performance of Nykredit’s senior resolution notes, which have already traded well and helped the bank attract a rating upgrade.

Rating: —/A/A

Nykredit Realkredit was marketing its second “senior resolution note” on Thursday, breaking a month’s hiatus in FIG supply.

Nykredit Realkredit was marketing its second “senior resolution note” on Thursday, breaking a month’s hiatus in FIG supply.

A pair of European agencies tapped euro lines today in a recovering but still cautious SSA market.

Shares in AP Møller-Mærsk, the Danish shipping and oil group, shot up 12% today after the company announced a sudden change of strategy. It is changing its CEO and will conduct a strategic review that could include deciding to break up.

Covered bond volumes were higher this week than last even as mounting fears of a UK decision to leave the European Union lead to greater volatility and increased execution risk.

The Danish covered bond issuer extended its curve and priced a larger deal well inside where its inaugural five year was issued in March and with a fair oversubscription ratio.

AP Møller-Mærsk, the Danish shipping and oil company, revived its Norwegian krone bond funding on Monday with a three tranche deal that attracted much more demand than expected, growing to Nkr5.2bn (€558m).

Dong Energy’s IPO, the biggest in Europe so far this year, achieved a strong result, both in its bookbuild, which raised Dkr17.1bn ($2.6bn), and on its first day of trading on Thursday, when the shares jumped 10%.