Denmark
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Of the five IPOs due to reach completion this week, Norway’s B2 Holding finished its bookbuild today and Dong Energy has put out final guidance. Van Lanschot has also just revised its guidance. The other two — ASR Nederland and Basic-Fit — have still to refine their original price ranges. -
BRFkredit, the Danish mortgage bank, has mandated leads for a roadshow.
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Dong Energy has narrowed the price range for its IPO, cutting off the bottom end of the range, after a banker on it said: “it’s about as strong an IPO as we’ve seen in a long time”.
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Nykredit issued the first contractually bail-inable senior debt on Monday, in a well-received deal that could set the tone for the growth of the asset class in Europe.
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A pair of issuers reopened the 10 year part of the dollar curve for sovereigns, supranationals and agencies this week, but despite both trades gaining plaudits there is still scepticism over whether a $2bn-plus sized deal is possible.
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Nykredit Realkredit is set to sell the first in what could be a series of contractually bail-inable senior bonds from Danish banks, which are seeking a solution to additional capital requirements set by the national regulator.
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Dong Energy began the bookbuild for its Copenhagen IPO on Thursday, at a price range of Dkr200 to Dkr255 a share, which would give it a market cap of Dkr83.5bn to Dkr106.5bn ($12.5bn-$16bn).
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KommuneKredit grabbed the first chance of the week to print five year dollars while other public sector issuers are set on 10 year deals.
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Sydbank had a difficult return to the senior market on Monday, with the leads unable to revise pricing and the order book falling short of the €500m deal size.
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Danish agency KommuneKredit has selected four banks to sell a five year no-grow $1bn bond in a dollar market that shows no signs of slowing down.
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The pre-summer IPO calendar is filling up again, with some big deals, as Denmark’s privatisation of Dong Energy got formally under way on Thursday with the start of investor education.
