Nordic banks’ US dollar-denominated senior unsecured benchmarks have performed quite well so far this year and now seem to have won a status of “safe haven” in the Yankee universe, writes Jean-Marc Perrin, Head of US IG Credit Trading at CA-CIB.
The Covered Bond Report’s Neil Day spoke with Martin Rydin, vice executive president, LF Hypotek, and head of treasury, LF Bank.
Nykredit Realkredit is a week into its auctions and had by this (Thursday) morning allotted nearly 60% of the Danish krone bonds on offer and around 86% of a small supply of euro floaters.
Storebrand Boligkreditt is planning a Eu250m euro covered bond that is expected to be launched next week and would mark the issuer’s return to euros after a lengthy absence, with syndicate bankers expecting the issuer to be joined by others in a pick-up of benchmark supply.
We have been calculating our covered bond market sentiment index 11 times since early 2011. In this period it has become a very useful tool to monitor investor sentiment across Europe and get a feeling for what issuers as well as investors are thinking about different markets. Florian Eichert, Senior Covered Bond Analyst, CA-CIB, investigates.
Nykredit found stronger than expected demand for three year bonds on the first day of the Danish auction season on Wednesday.
The Covered Bond Report’s Neil Day spoke with Lauri Iloniemi, head of group funding at OP-Pohjola, about the Finnish issuer’s funding strategy.
Moody’s raised the Timely Payment Indicators of seven Swedish covered bond programmes from “probable” to “probable-high”, its third highest TPI category, on Monday to reflect the relative strength of the Swedish covered bond market.
SpareBank 1 Boligkreditt sold a Eu1bn five and a half year deal on Monday as covered bond issuers this week took advantage of spreads on core paper tightening towards pre-crisis levels.
With a majority of European banks having reported second quarter results including the six major Nordic banks — Nordea, Danske Bank, Handelsbanken, Swedbank, SEB and DNB — the divergence between regions are apparent. The results from the Nordic banks surpass market expectations in general, while many continental European peers appear to struggle, writes Mats Anderson,
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