Pohjola set to launch Samurai debut after roadshow, Nordea success

Jun 6th, 2013

Pohjola Bank is set to launch its first Samurai issue in the coming weeks, with the Finnish issuer having visited Japan for a deal-related roadshow ahead of the planned senior unsecured transaction.

Lauri Iloniemi, head of group funding at OP-Pohjola, told Nordic FIs & Covered last August that the group was considering issuing a Samurai at some point and he said this week that the group had been looking at entering the Samurai market for quite some time and has now filed documentation ahead of a first issue.

He said that the basis swap and success of recent transactions suggest that the time is right for Pohjola’s debut.

Sweden’s Nordea sold a ¥91.2bn (Eu693m) Samurai on Wednesday of last week (29 May) that achieved pricing inside the Netherlands’ Rabobank, which has been seen as the benchmark for European FIG issuers. Rabobank itself launched a Samurai last month.

Daiwa, Nomura and SMBC Nikko are joint leads for Pohjola and Iloniemi said that the deal is likely to be launched in the near future.

Three and five year maturities are expected. Iloniemi added that the issuer is not looking for a large size.

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