Nordics

Demand continues to far outstrip supply in IG corporate market

Plenty more to come yet from the Finnish agency, including green and possibly social bonds

The capital increase secured a 69% take-up from investors

KommuneKredit, CDC and MuniFin keep euro and dollar investors busy

◆ Danish bank issues €500m in its largest euro tier two, raising €200m new capital ◆ Eye-catching spread of 250bp results in oversubscription ◆ Starts tender for old €300m tier two ahead of call

Another Nordic issuer also appeared in euros for the first time in 2024

Crédit Agricole Italia, SaarLB, OP and Tirol greatly boost covered confidence

Issuers take in small concessions and big books, as bankers ask after long maturity trades

Most of the deal was covered by pre-commitments from three anchor investors

High net worth Nordic investors have been buying local AT1s as an alternative to equities

◆ High yields pull investors into local currency AT1s ◆ SR-Bank to use proceeds to refinance March AT1 call ◆ Will hold tender for existing bond to reduce cost

The Swedish landlord's rights issue attracted strong support