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Best financial borrower

Nordea Bank
Despite its limited borrowing needs, the Scandinavian bank has established an impressive track record on the international debt markets

Nordea Bank 500mn CMS-linked tier 1
Number of investors by ticket size (mn)

Several banks could be considered for the award of financial borrower of the year. Some have many billions to raise and will hit a range of markets continuously in order to so, and market participants will argue that their paper is more difficult to sell than that from rare, sporadic issuers. But issuing big volumes during the past year, at a time when investors have a ravenous appetite, has not proved that difficult.

Nordea Bank, however, stands out for having been highly professional while opportunistically accessing the international capital markets. It managed to achieve tight execution on its new issues at the same time as leaving investors with a positive feeling – not an easy balance to strike. Many of the deals it printed created benchmarks for other, more active issuers.

The fact that this borrower is small, and so has few bites at the cherry, reinforces the judgement that it has been on the right track with its new issues.

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