Nordics
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◆ A new social bond issuer is born ◆ Agency opts for domestic currency for debut, keen to print again ◆ First Swedish SSA with a social use of proceeds bond -
Deal follows steep share price fall
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Swiss market resilient, but Trump test is set to be a roadblock
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Agency's absorption by state part of a wider pattern of centralised Danish public sector funding
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◆ Finnish deal delivers size ◆ Trade already spotted tighter in secondary ◆ Finnish supply lagging 2024 year to date
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Funding to be provided by Danish sovereign and agency will cease issuing bonds immediately, ‘an absolute shock’
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Eleven banks in deal, down from 13 last time
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◆ Swedish issuer starts tight ◆ Deal lands close to recent SSA supply ◆ Seven year tenor offers investors something different
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◆ Note lands close to national champion ◆ Issuer targeted price over size ◆ Deal shows Fridays are an open window
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Issuer plans regular voyages to euro covered market
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◆ Investors flock to tightly priced trade ◆ Next to no premium paid ◆ Sparebanken Vest is still to come
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The refinancing comes as a two tranche facility
