Denmark

Rating: -/-/-

Danica Pension on Monday was first to test the FIG market since the US Federal Reserve's rates announcement last week when it opened books on its subordinated tier two notes.

Two insurance companies are meeting investors this week for tier two trades as the sector continues to beef up its capital ahead of the implementation of Solvency II in January 2016.

The Euromoney Smaller European Companies Index Series currently comprises 1350 companies across 16 European countries.

Covered bonds proved their worth this week as, despite difficult market conditions, 10 borrowers were able to collectively raise more than €8bn at levels that looked attractive compared to senior unsecured financials.

Ontario Teachers' Pension Plan is selling a Dkr2.5bn (€335m) block of shares in ISS, the Danish cleaning and facility services company, on Wednesday night, in the first accelerated bookbuild of European shares so far this week.

Danish covered bond auctions this week attracted strong demand, especially in the five year tenor where yields are double what is available in the eurozone.

KommuneKredit could branch out into more niche currencies after receiving an enthusiastic response for its inaugural Canadian dollar benchmark.

KommuneKredit priced its first Canadian dollar benchmark in line with guidance this afternoon after increasing the deal in response to strong central bank demand.

A European issuer is about to bring the first three year Maple bond in two years, after several moving parts moved into place to make the deal possible.

Henrik Stille, covered bond portfolio manager at Nordea Investment Management in Copenhagen talks to The Cover about the fixed income rout, the rates outlook, what it means for covered bonds and how he managed to beat the index and deliver a solid return.

Landesbank Hessen-Thüringen Girozentrale (Helaba) issued a €1bn Pfandbrief on Wednesday at a final spread that was deeply through mid-swaps but got a strong response as it was able to offer a positive spread to Germany, where yields are negative. At the same time, Danske Bank issued this week’s only euro benchmark. As it was not eligible for the covered bond purchase programme it offered a quite attractive spread.