Posts Tagged ‘ auctions ’

Foreign demand and issuance highlighted amid Danish sales

Aug 26th, 2016
Nykredit image

Bids were strong throughout the latest Danish refinancing auctions, with non-domestic investors in particular finding value, as Nykredit hailed improving recognition of its euro FRNs and Realkredit Danmark priced a Skr4.35bn issue with the slimmest pick-up versus domestic paper in recent years.

Value in ARM bonds attracts buyers to Danish auctions

Aug 18th, 2016
Nykredit image

The opening sales of the latest Danish refinancing auctions yesterday and today achieved encouraging bid-to-covers, with market participants attributing the demand to the spreads being attractive against a range of alternatives, and FRNs sold next week are expected to be well received.

Focus on FRNs in run-up to Danish auctions

May 13th, 2016

Danish mortgage credit institutions have announced their plans for refinancing auctions to be held later this month, with Nykredit kicking off sales on 23 May, and floating rate bonds are in focus amid a trend away from one year ARMs.

Danes widen in line with broader woes, Nykredit plans IPO

Feb 9th, 2016
Nykredit image

Spreads on Danish covered bonds being sold in the latest refinancing auctions widened in early sales in line with the pressures afflicting the broader financial markets, according to market participants, while the announcement last week of a planned Nykredit IPO has also been in focus.

RD cuts ARMs auction size citing dissatisfaction with quality of bidding

Nov 20th, 2015
Realkredit Danmark image

Realkredit Danmark (RD) took the unprecedented step of cutting a three year covered bond auction from Dkr2.72bn to Dkr1.90bn (Eu255m) on Wednesday, citing dissatisfaction with orders for the sale, although the bulk of the week’s issuance was relatively smooth.

Fives star in healthy ARMs start, size an evolving factor

Aug 21st, 2015
Nykredit image

The latest Danish quarterly sales of bonds to refinance adjustable rate mortgages (ARMs) achieved healthy bid-to-cover ratios after Nykredit Realkredit kicked off activity on Monday, with longer dated paper offering relatively high spreads particularly well bid.

ARMs auctions recover after yields back up on Danish krone nerves

Feb 27th, 2015

The start of the first Danish auction season to include sales of adjustable rate mortgage (ARM) bonds at negative yields was hit by nervousness about the Danish currency and interest rates on Monday, with yields backing up more than 30bp, but levels and bit-to-covers improved from Tuesday onwards.

Danish spreads, bids recover as auctions close

Nov 28th, 2014
DLR image

Spreads on Danish one year ARM bonds recovered in auctions in the first half of this week after having widened sharply last week, with bid-to-cover levels also improving, as Nykredit and BRFkredit finished their sales, while DLR Kredit only has one day left.

‘Turmoil’ in Danish auctions as ARMs spreads widen sharply

Nov 21st, 2014
Realkredit Danmark image

Spreads on Danish one year ARM bonds widened by up to 10bp over the first three days of the latest refinancing auction season this week and bid-to-cover ratios hit lows, despite a sharp fall in supply, with market participants struggling to remember such turbulent conditions and understand the moves.

Nykredit ARMs opener four times covered as levels beat expectations

Aug 21st, 2014
Nykredit image

Nykredit Realkredit got the new Danish auction season off to a flying start on Monday morning when its opening, Dkr7bn (Eu939m) sale of one year ARM bonds attracted some Dkr27.9bn of bids and achieved a level inside expectations, and the following auctions unfolded in the same vein.