Record issuances

The primary market has seen high activity levels — so high, in fact, that the market has struggled to absorb all the new deals. Issuers have been forced to raise coupons, and some of the bonds launched late in the month are now trading below the issue price. The higher coupons, however, will be beneficial for the market over time. It is also encouraging to see the IPO market gaining momentum, with Klarna, Noba Bank, and Verisure leading the way — a development that is set to revitalise the Nordic high yield market in the coming quarters.

Read the full monthly report from Vinga Asset Management here.