DNB reopens Samurais for European banks, increases granularity

Jan 16th, 2014
DNB image

DNB is closing the first Samurai issue for a European financial institution of 2014 tomorrow (Friday), a ¥81.6bn (Eu573m, Nkr4.78bn) dual tranche five year senior unsecured deal that achieved far broader distribution than the Norwegian bank’s last Samurai.

Stronger underwriting seen as boosting Norwegian pool quality

Dec 12th, 2013

Norwegian banks have strengthened their credit underwriting standards, according to a survey by the Norwegian Financial Supervisory Authority (Finanstilsynet), Moody’s noted yesterday (Wednesday), saying this is leading to an overall improvement in the credit quality of covered bond collateral.

Norway’s KLP lining up second, mortgage covered bond issuer

Dec 5th, 2013
KLP portrait

Norway’s KLP Banken is setting up a mortgage covered bond issuer to lower its funding costs and generate financing to purchase retail mortgages booked with the KLP insurance company.

SIFI status credit positive for eight Norwegians

Nov 14th, 2013

Moody’s considers a framework for systemically important financial institutions (SIFIs) proposed by Norway’s Financial Supervisory Authority last week to be credit positive for eight financial institutions designated SIFIs.

Moody’s cites Norway mortgage relaxation threat

Nov 7th, 2013
Norwegian ministry of finance

The new Norwegian government followed up on a pre-election pledge to ease mortgage standards by asking the country’s FSA to examine lending practices on Tuesday of last week (29 October), and Moody’s said on Monday that any loosening would be credit negative for Norwegian banks and covered bonds.

DNB upsizes 5s for 2014 headstart given attractive level

Nov 7th, 2013
DNB image

DNB Boligkreditt priced its second tightest five year covered bond on Tuesday, a Eu1.5bn deal that came at 7bp over and gave the issuer a Eu500m headstart on its wholesale funding needs for next year.

New Norwegian measures ‘ensure capital retention’

Oct 24th, 2013

New measures announced by the Norwegian Ministry of Finance for how banks calculate capital requirements for mortgage loans under the IRB approach are credit positive because they ensure retention of capital, Moody’s said on Monday.

Skandiabanken in Norwegian debut with Nkr3bn FRNs

Oct 10th, 2013
Skandiabanken image

Skandiabanken issued its first covered bonds backed by a cover pool of Norwegian residential mortgages on 26 September, pricing three and five year floating rate notes to raise Nkr3bn (Eu368m, Skr3.19bn).

SpareBank 1 commercial upped

Sep 26th, 2013

Moody’s upgraded commercial mortgage backed covered bonds issued by SpareBank 1 Næringskreditt from Aa3 to Aa2 yesterday (Wednesday), citing a strengthening of liquidity and capital support for the issuer.

DNB gets post-Lehman LT2 tight, SHB out, Aktia on road

Sep 19th, 2013
DNB image

A Lower Tier 2 transaction from DNB and a US dollar senior unsecured deal from Svenska Handelsbanken hit the market today (Thursday), with sentiment buoyed by a surprise decision against tapering by the Fed yesterday. Meanwhile, Aktia will roadshow for a senior transaction in euros.