Finland

Green, social and sustainable issuance has dominated the supranational and agency bond market for a whole month, consistently outpacing conventional supply. That trend looks set to continue with three SRI deals already on screens.

Finland is unlikely to pay another visit to the syndicated or private placement markets this year and will instead look to round off its long-term funding needs with a tap via auction.

Spanish telecoms group MasMovil is preparing a €720m bond, the second part of the financing for its take-private by Cinven, KKR and Providence Private Equity. Most of the €2.9bn financing came through a loan issue, allocated in July, with the bonds readied following shareholder acceptance for the offer last week.

This week's scorecard looks at the progress Nordic agencies have made in their 2020 funding programmes in mid-September.

Two of the largest pension insurers in Finland have offloaded €283m of stock in Kojamo, a housing rental company in the country, tapping into yield driven demand for residential property companies during the pandemic.

French agency Caisse des Dépôts et Consignations (CDC) hit screens on Monday afternoon with its second ever sustainability bond, following its debut in the format last year.

In a busy week for European sovereign sustainable issuance, Municipality Finance took the chance to sell its debut social bond — the first in the format from any Nordic SSA.

Rating: Aa1/AA+/AA+

Municipality Finance will be holding a series of investor calls next week as it looks to issue its inaugural social bond following the publication of a framework earlier this year.

A softer backdrop on Thursday was not enough to deter financial institutions from entering the euro market, with Deutsche Bank set to sell a new non-preferred senior bond and Finnish insurer Sampo welcoming plenty of demand for a tier two.

Finland was on track to receive its biggest ever book for a syndication as it came to the market with its third euro benchmark of the year on Wednesday.

The European Investment Bank re-opened the primary euro public sector bond market with a decent outing in the 10 year part of the curve on Tuesday. Finland is next up, hitting screens for a deal of the same tenor expected on Wednesday.