Denmark
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KommuneKredit grabbed the first chance of the week to print five year dollars while other public sector issuers are set on 10 year deals. -
Sydbank had a difficult return to the senior market on Monday, with the leads unable to revise pricing and the order book falling short of the €500m deal size.
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Danish agency KommuneKredit has selected four banks to sell a five year no-grow $1bn bond in a dollar market that shows no signs of slowing down.
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The pre-summer IPO calendar is filling up again, with some big deals, as Denmark’s privatisation of Dong Energy got formally under way on Thursday with the start of investor education.
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The European Bank for Reconstruction and Development printed a $500m floating rate note on Thursday in the week’s third deal in the format.
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Agence France Locale (AFL), awarded a mandate on Wednesday for a benchmark bond as bankers said that regardless of the tough backdrop in equities the SSA market remains in rude health.
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A flurry of public sector issuers have taken the market by surprise in a week many expected would see issuance sapped by a combination of international holidays.
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Rabobank has announced the sale of a €1bn portfolio of mortgages in a move that has pre-positioned the bank for tougher Basel IV regulations. By the time the rules are in force in Europe though, they may look different, especially for countries that are heavy users of covered bonds.
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Danske Bank’s €1bn five year senior transaction was more than four times subscribed on Wednesday, as the Danish borrower took advantage of a strong market open to launch the day’s only FIG deal in the European primary market.
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Two borrowers from Denmark and Norway launched their first euro denominated covered bonds this week, expanding the number of issuers to a new record.
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After a quiet week in which only two benchmark deals took place — including a debut euro benchmark from Finland's Municipality Finance — the sovereign, supranational and agency market is eagerly awaiting a deal from the European Stability Mechanism.
