Finland’s Oma Savings Bank is preparing to issue an inaugural sub-benchmark euro covered bond in December, following a roadshow announced today (Tuesday). Stadshypotek meanwhile received a provisional Aaa rating for a Danish cover pool yesterday.

Oma Savings Bank (Oma Säästöpankki Oy) announced this morning that it has mandated Danske Bank, LBBW and Nordea to arrange the pan-European roadshow, ahead of a potential inaugural sub-benchmark euro covered bond issue, with an expected intermediate maturity.

The roadshow will start on Monday and end on Friday of next week (1 December), visiting Germany, Copenhagen, Vienna and Helsinki.

The savings bank published a prospectus yesterday (Monday) for a Eu1.5bn programme through which it can issue covered bonds and senior unsecured notes, and on the same day received a AAA covered bond rating from S&P. Danske Bank is arranger of the programme.

Oma was established by a merger of savings banks in 2009 and is now the largest savings bank in Finland, operating in eight regions.

Stadshypotek received a provisional Aaa rating in a Moody’s pre-sale report yesterday for covered bonds to be issued out of a Danish cover pool. According to Moody’s, the cover pool totalled Dkr5.5bn as of 29 September and the Svenska Handelsbanken subsidiary had Dkr5bn of covered bonds outstanding, all Danish krone-denominated.

“This will be the fourth cover pool to be established by Stadshypotek,” said the rating agency. “The existing cover pools contain Swedish, Norwegian and Finnish assets, respectively.

“This cover pool will consist solely of Danish assets. All four cover pools are, or will be, established under the Swedish covered bond law.”

Photo credit: Santeri Viinamäki/Wikimedia Commons