Danish Banks Won't Get Pooled-Funding Rescue, Nykredit Says Bloomberg
Denmark ’s regional banks are unlikely to penetrate a funding wall by pooling their borrowing needs as market conditions grow too inhospitable, according to the head of Europe’s biggest covered-bond issuer Nykredit A/S.
“It is difficult, and I think the solution will be that people have to go to the market individually,” Nykredit Chief Executive Officer Peter Engberg Jensen said in an interview in Copenhagen. “Setting this up would be rather difficult in the market that we have right now.”
Nykredit’s Markets unit said last month it was looking into arranging combined debt sales for some of the country’s roughly 120 banks as bond investors shun Denmark’s bail-in laws. The lifeline would have helped the industry build up liquidity as banks wait for lawmakers to provide details on proposals aimed at avoiding more bank failures . Nykredit’s efforts to come up with a solution have failed to result in a workable model, Jensen said.
“These are very, very difficult market conditions, because the liquidity is so low,” Jensen said in the Aug. 18 interview. “If you go to the market, you would like to be rather sure that you also can sell the things.”
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