Eika finds its window in busy euro covered bond market

Oct 23rd, 2015
Eika Boligkreditt_200

Eika Boligkreditt waited for a window amid heavy euro covered bond supply to sell its first euro benchmark of the year on Wednesday, pricing a Eu500m six year transaction with a relatively slim new issue premium after eight deals had hit the market in the first two days of the week.

DNB Eu1.25bn shines outside CBPP3, issuer happy after holding off

Oct 16th, 2015
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Norway’s DNB Boligkreditt launched a Eu1.25bn (Nkr11.5bn) five year covered bond on Tuesday and market participants noted that its Eu1.8bn book represented greater oversubscription than levels achieved by CBPP3-eligible deals launched on the same day.

Skandiabanken covered bond switch approved

Sep 18th, 2015
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Holders of Skandiabanken Norwegian krone-denominated covered bonds have approved the Swedish bank’s plan to convert their covered bonds into obligations of a new Norwegian issuer it is setting up as part of plans to spin off its Norwegian banking operations.

Senior FRNs added to Skandia Norway switch

Sep 4th, 2015
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Sweden’s Skandiabanken is seeking bondholder approval to transfer two outstanding Norwegian krone senior unsecured FRNs to a new subsidiary in Norway it is establishing ahead of a fourth quarter IPO of its banking operations in that country.

Moody’s cites Norwegian BRRD covered benefits

Aug 21st, 2015
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The expected implementation in Norway of a resolution regime equivalent to the EU Bank Recovery & Resolution Directive (BRRD) will result in Norwegian covered bonds having less exposure to bank defaults and losses, Moody’s said last Friday (14 August), highlighting the rating benefits this has led to.

Norwegian mortgage standards, CCB more stringent as rates eased

Jun 18th, 2015
Siv Jensen

Norwegian residential mortgage lending regulations will be tightened and the countercyclical buffer (CCB) for banks increased to 1.5%, the Ministry of Finance announced this week, while Norges Bank cut its key policy rate by 0.25% today (Thursday).

KLP in rare Eu600m Tier 2 Norwegian insurance issue

Jun 5th, 2015

Kommunal Landspensjonskasse (KLP) sold a Eu600m 30 year non-call 10 Tier 2 transaction on Tuesday that, according to an official at the issuer, is its first bond issue in nine years and the largest ever from a Norwegian life insurance company in the international markets.

DNB hits US in $1.25bn covered bond, gets tight level in Skr4bn Tier 2

May 22nd, 2015
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DNB Boligkreditt attracted strong US interest with a $1.25bn (Eu1.12bn, Nkr9.44bn) five year benchmark covered bond on Wednesday, and yesterday (Thursday) achieved tight pricing with a Skr4bn (Nkr3.61bn, Eu430m) subordinated issue that a banker said he believes to be the largest ever Tier 2 in the krona market.

SR-Bank to debut locally in covered soon in shift from SpaBol

May 15th, 2015

SpareBank 1 SR-Bank is planning a debut, domestic covered bond through new 100% subsidiary SR-Boligkreditt later this month or early June ahead of potential international issuance, as it shifts away from SpareBank 1 Boligkreditt (SpaBol) to optimise funding and for regulatory reasons.

Sparebanken Vest gets tight in covered, eyes more euros

Apr 24th, 2015

Sparebanken Vest Boligkreditt on Wednesday sold the first Norwegian euro benchmark covered bond of the year, a Eu500m seven year that achieved tighter pricing than some market participants had expected, and an official at the Norwegian issuer said it may become a more frequent visitor to euros.