The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Europe looks set for surge of high-grade big issues

High-grade credit

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 so fastest have the best chance of success.

Søren Elbech, head of funding and investor relations, is determined to establish Eksportfinans firmly as a benchmark issuer in order to access new pools of investor demand and market the agency's name.

The bank's funding requirements have grown beyond what can comfortably be achieved in MTNs.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree