Finland
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In another sign of the cautious mood gripping the IPO market in Western Europe, Varta AG, the German microbatteries maker, has called off its €150m Frankfurt IPO. Yet the Nordic market continues to show its resilience, as three successful flotations reach their conclusion this week. -
DNA, one of Finland’s largest telecommunications companies, has revised the price range for its Helsinki IPO to the lower middle end of its initial range, having gathered a book two thirds made up of foreign investors.
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One of the last two substantial European IPOs of 2016 looks set to be completed on Friday, when RussNeft, one of Russia’s 10 largest oil companies, floats in Moscow for at least $495m.
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SP Mortgage Bank got a strong response this week for its first covered bond, partly due to its defensive five year maturity, while Caffil did well to issue a 15 year deal despite soaring volatility.
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DNA, one of Finland’s largest telecommunications companies, has begun bookbuilding for its IPO after announcing the terms on Monday evening.
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Nordea Mortgage Bank (NMB) has successfully issued its first deal. The choice of tenor, along with the issuer’s strong credit profile, and strong sentiment towards the Nordic region, were instrumental in achieving the positive outcome.
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Sp Mortgage Bank, the central bank for Finnish savings banks, has mandated joint leads for a European roadshow to market its first covered bond.
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Sp Mortgage Bank, which is the central bank for Finnish savings banks, has mandated joint leads for a European roadshow to market its first covered bond.
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Nordea and SEB have underwritten €760m of loans for the merger of Finnish paper and pulp makers Ahlstrom and Munksjö.
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Finnish packaging firm Powerflute has extended the deadline on its €400m leveraged buyout by Madison Dearborn to this Friday, as has BMI Healthcare for its £285m refinancing.
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Caja Rural Navarra is planning the first green covered bond of the year. It follows a trio of covered bonds issued by Australian banks and the first transaction to be issued from Nordea in more than a year.
