Finland
-
Všeobecná úverova banka (VUB) issued a €500m five year covered bond on Wednesday at the tightest spread for any issuer from Slovakia. At the same time the Mortgage Society of Finland issued a sub-benchmark sized 10 year at close to fair value. The resounding outcomes for both deals partly reflected the generous spreads on offer. At the same time OP Mortgage Bank has announced plans to issue its debut green covered bond. -
This week's scorecard looks at the progress Nordic agencies have made in their funding programmes in early March.
-
Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 1. The source for secondary trading levels is ICE Data Services.
-
-
KommuneKredit mandated banks on Tuesday to follow its Nordic peer into the 10 year part of the euro curve, in what will only be the second public deal in the euro SSA primary market this week.
-
Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 8. The source for secondary trading levels is ICE Data Services.
-
-
Three eurozone sovereigns all extended their euro curves with huge order books for syndicated transactions this week in a sign of rampant investor appetite for long-dated debt.
-
Portugal mandated banks on Tuesday to lead the sale of a new 30 year bond as it looks to pounce on the strong investor appetite in the long end of the euro curve.
-
Tight valuations in euros are making it difficult for banks to impress investors with new senior trades. Issuers may have to pay up or switch focus to other asset classes to make the most of the January market.
-
Finland’s Municipality Finance has had a busy week in the Norwegian krone market, as demand from domestic bank treasuries for high quality liquid assets (HQLA) drove a pair of floating rate notes in the currency.
-
Expected euro denominated covered bond supply from the Nordic region looks promising with Norway likely to prove a particularly bright spot. However, more cost-effective domestic funding in the Swedish market is expected to depress euro volumes there.
