Danske Bank

On Thursday, the European corporate bond market saw its second Nordic telecoms new issue of the week. Finnish company Elisa used the same no-grow strategy as its Swedish peer Telia used on Tuesday, but for a smaller deal.

Finland’s Ramirent has signed a €185m syndicated loan, early refinancing and increasing the amount of an existing loan as the construction equipment rental company looks to grow after a year of asset sales.

Sanoma, the Finnish learning and media company, has signed €550m of bank funding, some of it earmarked to fund its acquisition of Iddink, the Dutch educational platform and service provider.

Sweden’s Loomis has signed a €150m five year deal, as the cash handling firm looked to switch the headline currency on its syndicated revolving bank facility.

Shares in Norwegian Air Shuttle, the Norwegian budget airline, fell 25% on Tuesday after the company announced an Nkr3bn (€308m) rights offer to avoid breaking its financial covenants following widening losses and an abandoned takeover attempt by IAG.

Sydbank found a clear window for issuance in the euro market on Monday, when it racked up a solid set on orders on its return to the non-preferred senior bond format.

Finnair has signed a €175m revolving credit facility, as it expands its routes to fly to new Asian destinations.

The Danish Financial Supervisory Authority has warned that banks would face trouble accessing funding in international markets if there were to be a repeat of the kind of money laundering scandal that has gripped Danske Bank, the country’s largest lender, in the last year.

Danske Bank was set to complete its bond sale on Friday at a slightly higher price, after activist investor Bill Browder forced a delay due to his comments about its money laundering scandal this week. Before the postponement, Danske had drummed up a large amount of support in the dollar market, as UniCredit did earlier in the week.

Danske Bank is waiting until activist investor Bill Browder gives a press conference before deciding whether to proceed with the sale of a senior non-preferred bond. News of the conference derailed the deal on Wednesday, after final terms and a $3bn size had already been set.

Danske Bank offered its senior non-preferred bond to dollar investors on Wednesday, after UniCredit raised $3bn in the format the day before.

Danske Bank has hired DNB Markets’ JoJo Thirasilpa as a managing director in leveraged finance.