Danske Bank sold a Eu1bn four year senior unsecured floating rate note at Euribor plus 38bp on Wednesday of last week (12 November) to complete its funding target for 2014.

Danske Bank made pre-tax profits of Dkr4.5bn (Eu605m) in the third quarter, 6% ahead of consensus expectations, and raised its outlook for the full year from Dkr10bn-Dkr13bn to Dkr11.5bn-Dkr13.5bn.

Danske Bank priced a Eu1bn (Dkr7.45bn) short five year covered bond at 2bp through mid-swaps on Wednesday, making it the first Nordic euro benchmark covered bond to have been priced through mid-swaps since the onset of the financial crisis.

Danske Bank sold its first sterling covered bond on Monday, a £500m (Dkr4.64bn, Eu624m) three year floating rate note that attracted £800m of demand despite coming at the same time as a £1.5bn Barclays Bank covered bond in the same format.

Second quarter results for Danske, reported today (Thursday), reveal “good progress all over”, with a raised outlook for 2014 reflecting higher management confidence, while Swedbank results underline a Swedish trend, said a Kepler Cheuvreux analyst.

Danske Bank priced its first euro covered bond in over a year on Tuesday, a Eu1bn seven year deal whose pricing illustrates the outperformance of Danish issues in the Nordic market, according to a lead syndicate banker.

Danske Bank completed its first euro benchmark flow funding exercise of the year yesterday (Wednesday), a Eu750m three year senior unsecured floating rate note felt to be best suited to a softer market, while SEB was today out with the fourth Nordic Tier 2 issue of the year.

Dankse was first out of the blocks in a busy FIG market this week, tapping the market early Monday morning with a Eu500m (Dkr3.73bn) no-grow 12 year non-call seven Tier 2 issue that an official at the bank said wrapped up adjustments it had wanted to make to its Tier 2 capital levels.

Standard & Poor’s upgraded Realkredit Danmark senior secured issuance yesterday (Wednesday) following its lifting of parent bank Danske’s rating from A- to A Tuesday of last week, which came as part of wide-ranging BRRD-inspired bank rating actions.

Danske Bank opened the market for contingent capital for Nordic banks with a bang yesterday (Wednesday), drawing some Eu13bn of demand for its much anticipated AT1 transaction and achieving the lowest coupon to date for the new type of hybrid bank capital.