KLP eyes September debut after Moody’s rating

Sep 4th, 2014
KLP portrait

Norway’s KLP Boligkreditt is close to making its covered bond debut, with a domestic issue targeted for launch this month, according to an official at the issuer, after Moody’s yesterday (Wednesday) assigned a provisional rating to the covered bonds.

Changes to Norwegian capital requirements ‘credit positive’

Aug 28th, 2014
Siv Jensen

Changes to capital requirements announced by the Norwegian ministry of finance that are in line with the latest EU Capital Requirements Directive (CRD) are credit positive for the country’s banks, Moody’s said today (Thursday), in that they will strengthen the financial institutions’ capital buffers.

Eiendomskreditt rating fuels commercial tightening, ambition

Jul 17th, 2014

Commercial mortgage backed covered bonds issued by Eiendomskreditt AS tightened some 15bp after being assigned a first, S&P rating, and the Norwegian issuer’s CFO told The Covered Bond Report that it has ambitions to grow considerably in the coming years.

DNB misses consensus for Q2, but CET1 positives cited

Jul 10th, 2014
Rune Bjerke DNB APP

DNB’s second quarter pre-tax profits fell short of consensus expectations as the Norwegian bank announced its results today (Thursday), but it reported a CET1 level that suggests it “is becoming more like its Swedish peers and competitors”, according to a Kepler Cheuvreux analyst.

Norway SIFIs designation credit positive, regional surprise

May 22nd, 2014
Siv Jensen

The designation of DNB, Nordea Bank Norge and Kommunalbanken as systemically important financial institutions (SIFIs) by the Norwegian Ministry of Finance is credit positive, Moody’s said on Monday, noting that an FSA proposal to include regional players was not taken up.

SMN in strong senior return, narrows gap to peers

May 16th, 2014
SpareBank 1

SpareBank 1 SMN sold its second euro fixed rate senior unsecured benchmark on Tuesday, a Eu500m no-grow five year issue that was priced 35bp tighter than its debut last year and, according to an official at the Norwegian bank, came with a narrower spread differential to its peers.

KLP gets approval for Boligkreditt, eyes krone debut before summer

Apr 10th, 2014
KLP portrait

Norway’s KLP Banken is eyeing a first mortgage-backed covered bond issue out of new entity KLP Boligkreditt in the coming months, after having received approval for the specialist institution from the Norwegian FSA (Finanstilsynet) last month.

SR Bank Eu750m deal adds largest, longest point to curve

Apr 4th, 2014

SpareBank 1 SR Bank sold a Eu750m seven year senior unsecured issue yesterday (Thursday), the Norwegian bank’s largest euro benchmark and a deal that adds a new longest dated point to its curve.

Eika helped by supply shortage, Eu500m size allows regularity

Mar 6th, 2014
Bilde Anders Mathisen

Norway’s Eika Boligkreditt met with strong demand for its first euro benchmark covered bond since early 2013 yesterday (Wednesday) and benefitted from the prevailing negative net supply, according to an official at the issuer, which returned to a Eu500m deal size after two Eu1bn transactions.

Eika preps euro return after strong 2013 in Norwegian kroner

Feb 20th, 2014
Eika Boligkreditt_200

Norway’s Eika Boligkreditt, formerly Terra BoligKreditt, will go on a roadshow next week ahead of a potential euro deal, which would be its first benchmark covered bond in the currency since January 2013 after a strong year in the domestic market led it to delay such a move, according to an official at the issuer.