Eksportfinans' $750 million deal launched at the end
of October marks the start of its campaign to establish a
benchmark bond programme.
The Norwegian export credit agency is the latest Scandinavian
issuer to tap the market in size, in a deal that was led by Nomura,
UBS Warburg and Schroder Salomon Smith Barney.
The five-year bond has a coupon of 3.875%, and was well
received, particularly among Asian central banks and European
institutional investors. This was the agency's first true benchmark
transaction, the first that was systematically planned and
marketed, rather than launched opportunistically, and one that lead
managers priced to clear on the first day, rather than trying to
achieve a set funding level.
Other high-grade issuers in the region are moving in the same
direction. It may be that not all can break into a market dominated
by such issuers as KfW and Freddie Mac, though. Those that do...
