DNB Bank
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The troubled Swedish landlord is targeting an €800m market cap for its residential real estate arm -
◆ Danske saves with three year floater ◆ No NIP needed for Danske’s seven year tranche ◆ DNB’s €1bn print only just covered
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◆ Books show high demand for major banks' debt capital ◆ DNB saves with annual coupon pricing ◆ Barclays takes out €1.5bn at 5bp-10bp NIP
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Vår Energi has performed well since its flotation on the eve of the outbreak of war in Ukraine
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At least one issuer is eyeing 10 years and more Austrian banks are expected
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A change in regulation has prompted DNB to redeem long-held legacy bonds that it counted as tier two capital
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DZ prices 36bp inside Oberösterreichische as the third consecutive trio of deals lines up
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Relieved market enjoys a rally, but weaker names are still out of favour
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◆ Norwegian national champion pays 5bp-10bp NIP ◆ DNB thought to have limited the issue size ◆ Market sentiment better on Tuesday but not conducive for lower tier issuers
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Banks itching to issue as they fight for investor attention to keep premiums tight
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◆ Outcome supported by earnings and market sentiment ◆DNB completes half of its SNP funding need with single digit NIP ◆ Beneficial timing
