Danske Bank

The three corporate bond issuers who sold new issues in euros on Tuesday offered something short, something intermediate and something long. The shorter tranches benefitted from the most interest.

TCM Group, the Danish kitchen maker, has priced its initial public offering on Nasdaq Copenhagen, at Dkr98 a share, giving it a market cap of Dkr980m (€132m).

The financial institutions bond market showed "discipline" this week, said market participants, with investors refusing to pile into every new deal amid a flurry of supply.

Jyske Bank followed Danske Bank into the euro market for senior unsecured debt this week. But the product could soon become a rare sight in Denmark.

Three European banks chose Tuesday to offer senior bonds as issuers took advantage of a period of market stability. Danske Bank and Landsbankinn HF both offered notes in euros, while National Australia Bank (NAB) issued in sterling.

A rush of consolidation has swept through Europe’s payments processing industry in the past six months and the financing for two of the deals, the acquisitions of Nets and Paysafe, hit the leveraged finance market this week.

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.