Mats Anderson, Cheuvreux bank equity analyst, gives his take on a first round of fourth quarter and full year 2012 Nordic bank results, and says that Swedbank has fired the starting shot for a Nordic bank capital distribution “bonanza”.
Nykredit Realkredit will kick off Denmark’s next round of ARM refinancing auctions on 25 February, with Nordea Kredit following suit a day later and Realkredit Danmark starting its auctions on 4 March, according to preliminary information recently announced by the banks.
The outlook for the Finnish banking system remains negative, said Moody’s yesterday (Wednesday), citing as driving factors its expectations of a continued weak operating environment, increasing household indebtedness, and high reliance on wholesale funding in the context of prevailing capital markets volatility.
BRFkredit attracted some Eu875m of demand last Thursday (24 January) for a Eu500m five year senior unsecured deal, which is its inaugural transaction off a new Eu4bn EMTN programme.
Casper Rahbek Andersen, director in Standard & Poor’s covered bond team, spoke with Nordic Financial Institutions & Covered about the rating agency’s perspective on the Nordic jurisdictions in light of recent regulatory developments and the economic challenges in Europe.
A Eu1bn 10 year Terra BoligKreditt covered bond launched yesterday (Wednesday) was only the second jumbo from the Norwegian issuer and its first euro benchmark in the long maturity, which the issuer’s CEO said it had been hoping to tap for some time.
The Swedish financial supervisory authority published updated covered bond regulations and guidelines last week, with some amendments made to proposals included in a consultation last year, although most changes were adopted as originally put forward, according to an official at the FSA.
DNB Boligkreditt launched a Eu1.5bn five year deal on Tuesday, but the issuer expects reduced issuance in euros this year as it has lower funding needs and is working towards a return to the dollar market.
Norway’s SpareBank 1 SR Bank sold the first public Nordic euro senior unsecured issue of the year on Monday, a Eu500m seven year deal that is the issuer’s longest benchmark in euros, and SpareBank 1 SMN has announced a roadshow mandate.
Kristian Fiskerstrand, vice president, funding at Terra BoligKreditt, spoke with Nordic Financial Institutions & Covered about the issuer’s funding plans for 2013, a new name for the Terra alliance, and regulatory moves in Norway.