DNB Bank

After almost two years away from the market, Thomas Cook opened a three day roadshow on Tuesday for a new euro deal, which will redeem its only sterling bond and portions of its 2020 euro notes.

The busy equity block trade action, widely predicted by ECM bankers when the US presidential election produced a bounce in share prices, has continued this week with a string of sales totalling over $1.5bn.

Shares in Petroleum Geo-Services, the Norwegian oilfield surveyor, closed 10% higher on Wednesday after the company completed a Nkr1.9bn ($225m) capital increase overnight, to strengthen its balance sheet.

The momentum in the equity block trade market since the US presidential election has continued this week, with nearly $1.4bn of issuance, as vendors rush to sell assets before the loss of US distribution for the Thanksgiving holiday on Thursday.

Cable company Com Hem has been sounding investors since Wednesday for a new issue in Swedish krona to redeem its old Skr2.5bn bonds due 2019, adding Swedish momentum to the Nordic corporate high yield bond market.

Shares in Ahlsell, the Swedish wholesaler of plumbing and electrical installation products, have traded strongly since its Skr6bn ($671m) Stockholm IPO, ending Thursday 13% above their IPO price.

A flurry of follow-on equity sales this week, mostly block trades, showed that investors still want stock, sometimes at tight discounts, even while three IPOs had to be abandoned.

Spain’s Banco de Crédito Social Cooperativo joined Italian duo Credito Emiliano (Credem) and Credito Valtellinese (Creval) in the tier two pipeline this week, as banks finally felt confident enough to launch new transactions after a tricky September.

Cabot Credit Management, the debt purchasing and recovery business, has amended its senior secured revolving credit facility and lowered the margin but kept the same group of lenders.

Rising oil prices are said to be behind the strong reception Norway’s DNB got on Tuesday when it reopened the dollar Reg S market for additional tier one (AT1) paper.

Nets, the largest Nordic digital payments processing company, has confirmed that Deutsche Bank stabilised its share price after its IPO on September 23, when the company’s share price closed at Dkr145, down 3.3%, on its first day of trading.

Nets, the Nordic digital payments processor, fell on its first day of trading in Copenhagen, after completing a Dkr15.75bn ($2.4bn) IPO that won very strong demand and was priced highly.