Estonia

Oberbank sold a senior bond in euros on Wednesday, following in the footsteps of NatWest Markets, Luminor Bank and Svenska Handelsbanken, which on Tuesday also issued senior deals. NatWest attracted the largest order book for its floating rate notes.

Issuers will be hoping for better conditions than what has been seen this week, as four of them head out on roadshows on Monday.

Münchener Hypothekenbank is looking to execute a trade for a seven year senior non-preferred bond, in a week pockmarked by national holidays across Europe. Meanwhile, Estonian bank Luminor will start investor meetings next week for senior preferred notes.

Moody's has given Estonia’s newly established covered bond framework a mixed report, an assessment that will be a helpful guide for the other countries in the Baltic region, which plan to use special purpose vehicles to get around some of the problems their neighbour faces.

The Estonian parliament’s recent approval of covered bond legislation paves the way for the first Baltic deal, which could come from Luminor Bank, but whether it is initially secured on a pool of pan-Baltic mortgages remains to be seen.

Covered bonds offer a way for Baltic banks to develop a new seam of long-term standalone wholesale funding. But a successful conclusion to this project will depend on whether investors are convinced there is an effective mechanism for cross-border recognition of assets.

Parliamentary approval of Estonian covered bond legislation opens the way for Luminor Bank to make the first steps towards establishing a pan-Baltic covered bond market, according to the bank’s head of treasury, Max Ehrengren.

Luminor Bank, an Estonian financial institution, was looking to place a small senior unsecured deal in the euro market on Wednesday, in spite of volatile market conditions. The transaction will be the issuer’s first step towards reducing its reliance on bank facilities as a means of funding.

Estonia plans to become the first sovereign to dip its toes into the still murky waters of cryptocurrencies.

A representative of European Member States and the European Parliament agreed on Wednesday to increase the lifetime of the European Investment Bank's European Fund for Strategic Investments (EFSI) until 2020, with the aim to triggering a total of €500bn in investments in the EU economy.

Estonian power company Eesti Energia opened books on a new euro transaction on Thursday morning, following the deadline for a tender offer on its outstanding bonds the day before.

Estonian power company Eesti Energia opened books on a new euro transaction on Thursday morning, following the deadline for a tender offer on its outstanding bonds the day before.