Denmark

Danske Bank’s additional tier one note struggled to remain above water in the secondary market on Thursday as subordinated financials debt across Europe sold off. Other banks with plans to issue the instrument will be watching the market closely.

KommuneKredit will hit the road next week to talk up a new green bond, while a fellow Nordic issuer is looking to enter the social bond market — although not for some time yet.

KommuneKredit will hit the road next week to talk up a new green bond, while a fellow Nordic issuer is looking to enter the social bond market — although not for some time yet.

Netcompany, the Danish IT service firm, which priced its Copenhagen flotation on Wednesday, saw its share price rise by 29.6% on its first day of trading.

The cloud which has lingered over the European IPO market since Easter, has abated slightly this week as a number of deals progressed quickly during bookbuilding. Two in particular have outperformed the rest of the market.

Netcompany, the Danish IT services firm listing in Copenhagen, has set a range of Dkr135-Dkr165 on its IPO, valuing the company at just over Dkr6.57bn (€906m) at the bottom of that range.

Telecoms company TDC fired the opening shot of a multi-billion funding package for its leveraged buyout this week, with some investors showing mixed feelings about such deals.

Two Scandinavian technology IPOs are gaining traction among investors after launching last week.

Sydbank is preparing to sell its first additional tier one bond in the euro market, complementing plans to optimise its capital structure via share buy-backs.

The Danish Financial Supervisory Authority (FSA) has raised Danske Bank’s capital requirements by Dkr5bn ($810m) after concluding that the bank’s management has not done enough to combat money laundering at its Estonian branch.

KommuneKredit took a novel approach to its sterling issuance on Tuesday, adding a switch operation to print its largest ever new issue in the currency. Bankers believe other issuers may use the tactic. Meanwhile, Bank Nederlandse Gemeenten (BNG) received less interest in a sterling trade of its own.

KommuneKredit took a novel approach to its sterling issuance on Tuesday, adding a switch operation to print its largest ever new issue in the currency. Bankers believe other issuers may use the tactic.