SEB
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Swedish firms flock to MTN market in search of covered and senior funding -
Swedish krona issuance is set to pick up after Region Stockholm jump started the post-summer market this week
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Valeo, the French auto parts maker, and US exchange company Nasdaq brushed off any worries of contagion from a weak sterling market to print bonds in euros flat to fair value on Tuesday, with the issuers able to take full advantage of the an exceptionally quiet market.
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Nasdaq, the US securities trading marketplace, has mandated for an SEC-registered euro benchmark bond, days after the company announced it was spinning off its private market business into a new standalone joint venture.
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A handful of borrowers have found their additional tier one (AT1) paper upgraded into investment grade territory by Moody’s this week, following adjustments in how the agency treats high trigger instruments.
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Teknos, a Finnish maker of paints and industrial coatings, strayed from the standard playbook when designing the key performance indicators for its first sustainability-linked bank loan, a €140m deal.
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Oriola, a Finnish health and wellbeing company, has signed a €140m revolving credit facility, with the company adding sustainability targets to its bank debt for the first time.
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UBS sold its first green bond this week, bringing the deal at the tightest euro senior spread of the year so far. Further labelled issuance is set to follow, with UniCredit preparing a green debut of its own.
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The ESG loan market has had a busy week, with Swedish ingredients company AAK and German container shipping firm Hapag-Lloyd agreeing sustainability-linked and green debt.
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The global head of public sector origination at SEB will be moving to New York in September to lead the bank’s fixed income, currencies and commodities (FICC) business in the Americas.
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UBS made its first foray into the green bond market as an issuer on Monday, landing a €500m operating company deal at a level bordering on zero yield, which could embolden other lower spread issuers to follow. The visit to euros was paired with a seven year deal in the Swiss bank’s home market.
