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The European Securities and Markets Authority recently fined a clutch of Nordic banks for breaking credit rating regulations. The decision could have implications for the Schuldschein market — where arranging banks issue similar ratings to investors. -
The European Securities and Markets Authority’s (ESMA) decision to fine five Nordic banks last week has raised two questions: just how consistently will rules be applied across Europe, and is it even appropriate that they are?
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The European Securities and Markets Authority on Monday issued fines to five banks from the Nordic region totalling €2.475m, for issuing credit ratings without having gained the necessary approval.
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France sold its first syndicated tap on Tuesday, adding €4bn to its GrOAT line. The sovereign will be followed in the green market by a Danish agency's sophomore offering.
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Sweden’s SSAB has ramped up the size of its euro denominated revolving credit facility to €600m, as the high strength steelmaker becomes the latest beneficiary of the liquidity flooding the loan markets.
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Cloetta, the Swedish confectionery company, has amended and extended its euro and krona loans in an entirely Nordic banking affair, and also launched a commercial paper programme.
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It is a mark of how far the market has come from a barren week at the end of May that not just one, but three deals, totalling €2.75bn, were priced on Friday. The European Central Bank meeting and the expectation of a deal from German pharmaceuticals company Bayer played their part in the issuers’ decisions on timing and the order books justified those choices.
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Public sector borrowers looking for dollar funding are likely to have to go even shorter than they have been used to after this week’s Federal Open Market Committee meeting, said SSA bankers.
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KommuneKredit will hit the road next week to talk up a new green bond, while a fellow Nordic issuer is looking to enter the social bond market — although not for some time yet.
