Danske Bank

Subordinated bonds from financial issuers have been back in favour in the Swedish krona market this year, with investors seeking out higher yields compared with other types of credit.

Following French food company Danone’s recent hugely successful hybrid corporate debut, investors have been waiting for the next hybrid trade. This week they had two to consider.

Investors looking forward to the prospect of a jumbo Nordic banking IPO were disappointed on Tuesday when Nykredit, the biggest mortgage lender in Denmark, announced that it plans to cancel its IPO on Nasdaq Copenhagen in favour of a private sale to five Danish pension funds.

Swedish property company Akelius Residential Property has sold eight year deals in euros and sterling during the last six months, as well as a four year Swedish krone deal. That concentrated funding activity didn’t affect the success of another euro deal on Tuesday though.

Orphazyme, a Danish biotechnology company, has revealed the terms for its IPO on Nasdaq Copenhagen.

On Monday, French laboratory testing company Eurofins Scientific followed last Monday’s €299m equity sale with a €300m hybrid deal paying very little new issue premium, as the firm’s funding keeps pace with its acquisitions.

Oslo-listed oil and gas exploration firm Aker BP raised Nkr4.1bn ($500m) through an accelerated bookbuild, to fund its acquisition of Hess Norge, the owner of two Norwegian oil fields.

Corporate hybrid bond investors have been heavily scaled back on their recent orders for new deals, so they will have been pleased by French laboratory testing firm Eurofins Scientific's Halloween Tuesday announcement mandating for its latest deal.

TCM Group, a Danish maker of kitchens and bathroom furniture, plans to list on Nasdaq Copenhagen this autumn.

Richard Griffiths will stop heading Danske Bank’s loan syndication team on November 1, and Paul Smith — who currently heads leverage finance syndicate — will take over. It is unclear what Richard Griffiths, who has worked with Danske Bank for the last 15 years, will pursue next.

Norwegian state-owned grid operator Statnett priced its debut benchmark euro corporate bond on Wednesday, opting to go longer than the 10 year tenor many of the recent utility issuers chose.

Danske Bank has hired a new director for its loan syndications team in London, who was previously a vice-president on ING.