Finland
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Bookbuilding has begun for three Nordic IPOs, continuing a strong run from the region, which has produced 12 completed IPOs so far in 2016, out of 51 altogether in EMEA. -
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L-Bank and the African Development Bank are set to be the latest issuers this week to take advantage of rising short end dollar swap spreads, mandating for deals on Wednesday after Finland printed a short dated deal of its own.
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Finland is lining up a three year dollar benchmark for Wednesday, following a stream of issuance on Tuesday that highlighted the strength of the dollar market.
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Tokmanni, Finland’s largest general discount retailer, announced on Tuesday its intention to float on Nasdaq Helsinki during the second quarter, selling both new and existing shares.
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The European Investment Bank built a book of €8bn for a 10 year Earn on Tuesday as the 10 year Bund yield fell to a 12 month low, leading bankers on the deal to suggest tougher times may lie ahead for euro issuers.
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Natural gas provider Gasum enlisted just two banks to provide a €640m credit facility, part of which will refinance a recent acquisition by the group.
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The number of new covered bond issuers grew to five this year after Standard and Poor’s assigned a preliminary AAA rating to the covered bond programme of The Mortgage Society of Finland.
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Finnish property investment firm Sponda has completed its €221m rights offering, which it first announced in late February and which will be used to partially repay a bridge loan.
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Lehto Group, the Finnish construction and real estate firm, said on Tuesday that it intended to float in Helsinki, in a deal that would consist primarily of new shares.
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Following approval of its demerger plan, Nordea has managed to get the consent of bondholders to transfer the assets and liabilities affecting 31 of its Finnish covered bonds to a new entity with a new guarantee. However, it does not yet have investors’ consent on six remaining deals.
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After a quiet week in which only two benchmark deals took place — including a debut euro benchmark from Finland's Municipality Finance — the sovereign, supranational and agency market is eagerly awaiting a deal from the European Stability Mechanism.
