SEB
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The Europe Investment Bank extended the euro short term rate (€STR) floating rate note curve on Wednesday with 2021’s first deal in the format. -
The decline in international and debut Schuldschein issuance last year had a disproportionate impact on non-German bank arrangers. But this year’s bright start has given them a new lease of life.
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France set a new order book record with its new 50 year syndicated bond on Tuesday. Two other public sector borrowers joined the sovereign at the long of the euro curve.
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Volvo Cars, the Chinese-owned Swedish auto maker, has refinanced its main bank revolver with a €1.3bn sustainability-linked revolving credit facility, as the borrower looks to become climate neutral by 2040.
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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.
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Practitioners believe 2021 could be the year when sustainable finance finally breaks out of the narrow confines it has inhabited so far and spreads more widely across the economy.
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MTN issuance out of Asia and Sweden provided some of the week’s bright spots in what was otherwise a quiet start to the year. With the public market now in full swing, bankers expect the private placement market to get up to speed in the coming weeks.
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Huhtamaki, the Finnish food packaging company, has refinanced a €400m facility, with the borrower becoming the latest to add sustainability metrics to its main bank line as an EU ban on single-use plastics comes into force.
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Europe’s investment grade corporate bond market continued its blazing start to the year on a busy Tuesday with trades coming flat to or through secondary curves, and syndicate bankers say the blistering momentum is set to last throughout January.
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Shares in Nordnet rose in the aftermarket after the digital bank began trading on Nasdaq Stockholm on Wednesday, following its Skr9bn (€885m) IPO.
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The IPO of Nordnet, the Swedish digital bank and investment management platform, is due to be priced at Skr96, the midpoint of the initial range, when bookbuilding ends on Monday.
