Denmark

Nykredit returned to the euro covered bond market on Thursday to issue its second floating rate transaction. The oversubscription rate was similar to other recent deals, but well below that for its debut deal, when market conditions were much stronger.

The EMEA equity blocks market enjoyed a second night of momentum of Thursday after the results of the US midterm elections kicked off trading this week, with two large transactions being priced.

Netcompany, the Danish IT service firm, increased the size of a block trade on Wednesday night and then saw the stock trade well in the aftermarket.

Adform, the Danish advertising technology company, will brave difficult markets to list on Nasdaq Copenhagen this November.

Denmark’s TDC will use the proceeds of its Get AS sale to slash its debts, with the telecoms company planning to repay $2.3bn-equivalent of loans by the end of this year.

The Danish Financial Supervisory Authority has increased Danske Bank’s capital requirements for a second time following an investigation into money laundering through its branch in Estonia. The scandal-stricken lender said on Thursday that it was ending its share buy-back programme to comply with the new targets.

Sydbank sold its first non-preferred senior deal on Tuesday, leaving it with €500m to raise for its minimum requirement for own funds and eligible liabilities (MREL).

Nordic equity capital markets investors had several deals to look at on Tuesday night, with two deals contributing over €587m of issuance in Nordic ECM.

Rating: Aaa/AA+

KommuneKredit took a careful approach to its first benchmark deal since losing its triple-A rating with S&P. It found a good reception after starting with a wider initial pricing level.

KommuneKredit hit the screens on Tuesday for a new five year euro benchmark, hoping to emulate the success of the European Stability Mechanism’s deal in the same currency and maturity in July.

KommuneKredit’s borrowing costs and access to the capital markets are unlikely to be affected by S&P downgrading its long term credit rating, said SSA bankers.