Finland
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Biotie Therapies raised €83.3m in the first half of the year from the issue of convertible notes and from an initial public offering in the US, the company said on Thursday. -
Pohjola Bank’s next capital markets issue will likely be a covered bond, meaning investors waiting for a euro tier two deal scheduled for June may have longer to wait.
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The board of directors of SRV Group, the Finnish construction company, has decided on the terms of the firm’s €50m rights offering.
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Pohjola Bank changed direction to issue tier two debt in Swedish kronor on Tuesday, after being kept out of the euro market in the second quarter.
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Finnish sporting goods company Amer Sports issued its second Schuldschein loan for $55m to meet demand from investors left out of its first deal.
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A quiet patch for block trades was broken on Tuesday evening when UBS launched an €865m accelerated bookbuild in Kone Corp, the Finnish maker of lifts — an exceptionally rare deal in the stock, which has a €20bn market capitalisation.
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Timo Ruotsalainen, head of treasury at Aktia Bank in Finland, speaks to The Cover about the European Central Bank’s covered bond purchase programme, LCR funding and shrinking investor pools.
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Ålandsbanken priced a €250m no-grow five year Finnish covered bond on Tuesday after an extensive marketing period. The trade offered a decent pick up over where the comparables named by the leads were quoted.
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Ålandsbanken is lining up to price a €250m covered bond and is meeting investors in Europe from May 5 – 12. This will be the Finnish bank’s largest covered bond to date.
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Aktia Bank Finland priced its Aaa-rated €500m no-grow deal on Tuesday, in what can only be described as a straightforward well prepared transparent process. In contrast, Banco Popular Espanol came to market with a less prepared €1bn, Baa1-rated offering in an over supplied part of the curve, just as peripheral sovereign volatility spiked higher. Nevertheless, with an attractive concession, the Spanish issuer got a fair result.
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The euro/dollar exchange rate’s correction following last week’s Federal Open Market Committee meeting provided an ideal opportunity for LBBW to tap its March 2018, Reg S dollar benchmark on Monday. In the meantime, Aktia Bank announced plans to open books on Tuesday for a €500m seven year, which is expected to benefit from Moody’s recent change in its rating methodology.
