SEB

The Depository Trust & Clearing Corp has agreed a deal to provide post-trade infrastructure services to enable SEB, the Swedish banking group, to meet its obligations under the Securities Financing Transactions Regulation.

German industrial services company Bilfinger has launched a Schuldschein months after pulling a transaction in the public bond markets. The BB-rated company is offering a spread substantially higher than a typical Schuldschein borrower, in the hope that lenders will forego its failed bond market foray and be charitable with its chequered past.

German industrial services company Bilfinger has launched a Schuldschein months after pulling a transaction in public markets. The BB-rated company is offering a spread substantially higher than the typical Schuldschein borrower, in the hope that lenders will forego its failed foray and be charitable with its chequered past.

Barry Callebaut has taken €600m across three tranches in one of the biggest international Schuldschein transactions in the last 12 months. The Belgian-French chocolate company now based in Switzerland had roadshowed for a public benchmark sustainable bond in November, but opted instead for its first Schuldschein deal, as the risks of execution in the public market were too great.

Sanoma, the Finnish learning and media company, has signed €550m of bank funding, some of it earmarked to fund its acquisition of Iddink, the Dutch educational platform and service provider.

SEB issued a seven year covered bond last week 9bp tighter than where DNB Boligkreditt was able to print at the start of this year, showing just how far spreads have rallied. Even though the market is still well supported, investors could soon become reluctant to chase the market even tighter.

Green bond watchers are putting out their forecasts for issuance this year, hoping for a return to growth after a disappointing 2018. The year has started decently, with at least $6bn issued so far, including this week’s debut issue from Telefónica, hailed as the first from the telecoms sector.

Covered bond investors could not get enough of Swedish seven year deals issued this week by Swedbank and Skandinaviska Enskilda Banken. But whether record order books are being inflated remains a moot point.

Skandinaviska Enskilda Banken followed Swedbank with a seven year deal, printing a well oversubscribed €1.25bn covered bond on Thursday flat to its curve. The deal comes as Citi research suggested excess demand for covered bonds issued this month is at a record level.

The socially responsible investment market in SSAs is picking up pace in 2019, with a supranational bringing a deal in a debut format and other issuers preparing inaugural trades.

Finnair has signed a €175m revolving credit facility, as it expands its routes to fly to new Asian destinations.

Leveraged finance markets in Europe are looking up, and bankers expect they may even see some deals priced before long.