Danske Bank
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Shares in Munters, the Swedish climate control systems group backed by Nordic Capital, traded as much as 26% above their offer price on Friday after they began trading on Nasdaq Stockholm after its Skr4bn (€422m) IPO.
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Nordic low cost airline Norwegian Air Shuttle will meet investors about a tap of its only euro bond on Monday. This time, it also plans a new €370m deal in Norwegian kroner. -
Royal Bank of Scotland this week gave capital markets the clearest view yet of how banks are set to re-engage with the covered bond market as a staple source of financing, as the sector comes under pressure to wean itself off the special fundings schemes set up by the Bank of England and the European Central Bank.
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Munters, the Swedish maker of air conditioning systems, has set the terms for its IPO on the Nasdaq Stockholm, which, if completed, will value it at Skr10.1bn (€1.05bn).
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Equity block trading began smartly on Monday evening after Emmanuel Macron generated relief across markets by winning the French presidency on Sunday. Goldman Sachs brought two trades for its own private equity arm.
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Danske Bank is restructuring its Finnish subsidiary in a move similar to Nordea’s last year and has requested investors’ consent to change terms, which will not have a rating impact, in return for a 10bp fee. The change could prevent the issuer from returning to the market soon.
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Morten Skaaning has returned to Danske Bank’s debt capital markets syndication desk after spending nearly three years at Arbejdernes Landsbank.
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Two European IPOs reached conclusions on Friday, March 31. That of Ambea was heavily oversubscribed, while UniEuro's had to be shrunk and restructured to get it over the line.
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European bank issuers of additional tier one (AT1) have been abandoning the euro market in favour of dollars. But some have had to start embracing equity conversion structures to join in because it is one of the few ways to account for AT1s as debt and avoid a mark-to-market swap.
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Danske Bank was looking to raise $750m of new capital in its first equity conversion additional tier one (AT1) on Tuesday, as it dipped into a huge pool of demand in the Reg S market.
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Ambea, the Nordic healthcare provider, has announced the terms for its IPO on Nasdaq Stockholm, which could give it a valuation of up to Skr5.07bn (€530m).
