Posts Tagged ‘ Finnish ’

Moody’s still negative on Finnish banking system

Jan 31st, 2013
Nordea Bank Finland300

The outlook for the Finnish banking system remains negative, said Moody’s yesterday (Wednesday), citing as driving factors its expectations of a continued weak operating environment, increasing household indebtedness, and high reliance on wholesale funding in the context of prevailing capital markets volatility.

Nordea Finland inside curve on Eu1.25bn Nordic reopening

Jan 10th, 2013
Nordea Bank Finland300

Nordea Bank Finland placed the first Nordic benchmark covered bond of 2013 on Tuesday, a Eu1.25bn seven year deal that came inside the issuer’s curve after being twice subscribed, with the tight pricing seen as justified by strong technicals and a robust market.

Aktia sells rare Eu200m senior unsecured FRN during covered switch

Nov 22nd, 2012

Aktia Bank sold a Eu200m three year floating rate note today (Thursday), making a rare appearance in senior unsecured format while it makes the transition from issuing covered bonds via Aktia Real Estate Mortgage Bank to issuing directly.

Proposed Finnish LTV cap ‘good news’ for covered

Nov 8th, 2012

A Finnish Ministry of Finance working group has proposed allowing the country’s financial supervisory authority to cap LTV ratios, a move that an official at a Finnish issuer and analysts said would be positive for covered bond investors.

Aktia ‘breathes easier’ after surprise Moody’s move

Oct 12th, 2012

Timo Ruotsalainen, Aktia Real Estate Mortgage Bank managing director, said that a Moody’s downgrade of the issuer’s covered bonds from Aa1 to Aa3 last Friday, which was less harsh than had been expected, was a pleasant surprise and that any decision on a potential liability management exercise was now less pressing.

Aktia floats potential covered swap as new issuers eyed

Oct 4th, 2012

The possibility of Aktia Bank launching a liability management exercise offering investors the option to switch into its covered bonds once it begins issuing directly next year has been raised by Aktia Real Estate Mortgage Bank, while some market participants have said that the Finnish group’s erstwhile partners could issue on their own.

Aktia changes: implications for bondholders

Oct 4th, 2012

Crédit Agricole CIB Senior Covered Bond Analyst Florian Eichert looks at the possible outcomes for Aktia Real Estate Mortgage Bank covered bondholders in light of the Finnish issuer’s plans to issue through Aktia Bank and a possible liability management exercise. 

Sampo welcomed back, new issue premium views differ

Sep 20th, 2012

Danske subsidiary Sampo Bank is pricing its first benchmark covered bond of the year today (Thursday), a Eu1bn no-grow seven year issue that offered a premium over top tier Finnish names but came tight to the issuer’s curve, said a lead syndicate official, after some others saw a wider new issue premium.

Aktia in switch from specialist to universal amid regs, ratings flux

Sep 20th, 2012

Aktia Bank will take over from Aktia Real Estate Mortgage Bank as the Finnish group’s covered bond issuer, a move fuelled by regulatory and rating criteria changes that favour more “streamlined” universal bank issuance, the specialist issuer announced last Wednesday (12 September).

Ålandsbanken debut shows options for smaller issuers

Sep 7th, 2012

Ålandsbanken made its covered bond debut with a Eu200m dual tranche issue yesterday (Wednesday), and its group treasurer said it is pleased to have tapped the market after a lengthy lead-up.