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.
Pohjola Bank turned to the Swedish krona market to raise Tier 2 debt on Tuesday after having retreated from a planned euro issue in June, and in doing so sold a Skr3.5bn FRN that is the largest single-tranche Tier 2 in the Swedish market and which market participants said offered savings for the Finnish issuer.
Pohjola Bank mandated leads for a euro-denominated Tier 2 benchmark on Monday, but despite a smattering of Additional Tier 1 (AT1) and Tier 2 supply this week a deal for the Finnish issuer did not emerge against the volatile market backdrop.
Pohjola Bank achieved investor diversification through a debut syndicated sterling deal on Tuesday, a £700m (Eu976m) dual-tranche issue that benefited from positive sentiment that followed a decisive UK election result while volatility hit the euro market.
Pohjola Bank launched the OP group’s first benchmark transaction of the year on Tuesday, a Eu1bn seven year bond that took advantage of a lack of supply in the senior unsecured market coupled with strong demand.
Pohjola Bank launched the tightest five year senior unsecured euro benchmark of the year on Tuesday, a Eu750m issue that the OP-Pohjola head of group funding said was an opportunistic trade to take advantage of a receptive market.
OP Mortgage Bank sold its first euro benchmark in almost two years on Monday, a Eu1bn seven year issue, but an OP-Pohjola official said that the market would not have to wait so long until its next deal.
Pohjola Bank priced a Eu1.5bn dual tranche senior unsecured deal on Monday that comprised a fixed rate issue in the seven year “sweet spot”, but FIG flow activity was otherwise limited this week.
Pohjola Bank priced its debut Samurai issue on Wednesday, a ¥30bn (Eu235m) three tranche deal, which the group’s head of funding said marked the beginning of a long term presence that made the work on setting up the programme worthwhile.