Danske Bank sold a twice-subscribed $1bn five year senior unsecured bond on Monday, with a lead noting it priced close to a recent issue from Swedbank, which is more established in the US market. Sparebanken Sør is expected next week with an inaugural euro benchmark covered bond.
Danske Bank sold a Eu1bn five year covered bond on Tuesday that a lead manager said kick-starts more frequent issuance out of the Danish bank’s C pool after changes to the way in which the issuer funds its international mortgage lending with covered bonds.
Nordic banks and insurers sold Eu4.5bn of senior debt this week in a resurgent market, led by Nordea but with rarer issues for Santander Consumer Bank Nordic and Sampo deemed highlights, while Stadshypotek sold a Eu1.25bn seven year covered bond.
Pohjola Bank executed the first Nordic senior unsecured euro benchmark of 2016 on Wednesday, a €500m long five year deal that the Finnish issuer’s head of group funding said was sold with a relatively limited new issue premium.
A DNB €1.5bn five year covered bond attracted over €2bn of demand yesterday (Thursday) as eight euro benchmarks totalling €8.5bn hit the market this week, with the asset class proving resilient amid tough conditions, although a SR-Boligkreditt deal was seen as a struggle.
Svenska Handelsbanken sold its first euro senior unsecured benchmark in over two years on Monday, attracting over Eu2.4bn of orders for a Eu1.25bn seven year, but in spite of this and some other successful supply in the FIG markets, bankers said issuers could now be done for the year.
Topdanmark Forsikring sold a Dkr1.35bn (Eu181m) two-tranche unrated Tier 2 issue on Wednesday, increasing the planned size of the transaction from Dkr750m on the back of healthy demand, according to the issuer and lead manager Danske Bank.
Swedbank used a clear window to sell a tightly priced Eu750m long five year senior unsecured bond yesterday (Thursday), with conditions proving resilient over the week and investors receptive to issuance from across the capital structure.
OP Mortgage Bank set the tone for a strong week in the covered bond market with a Eu1.25bn five year issue on Monday that attracted orders approaching Eu1.8bn at a limited new issue premium, with Stadshypotek and Danske Bank Finland following successfully in its wake.
Skandinaviska Enskilda Banken (SEB) sold an inaugural sterling covered bond yesterday (Thursday), a £250m (Eu353m, Skr3.29bn) three year FRN, and the issuer’s head of treasury management said that it would now look to return to the UK market each year.