Nordea Markets
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CPPIB Capital was comfortably oversubscribed for its $2bn trade on Monday with the dollar SSA market remaining attractive at the short end. Agence Francaise de Developpement, KfW and Kommuninvest will look to tap into lucrative conditions in the currency after mandating banks for deals on Tuesday. -
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Sweden’s Modern Times Group has signed more bank funding related to spinning off Nordic Entertainment, as the media company’s talks with PPF to sell its Bulgarian business were scuppered after falling foul of regulators.
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The Netherlands will look to issue around €4bn-€6bn with a maturity of at least 15 years in its debut green bond, which will be sold through a Dutch Direct Auction in the second quarter of 2019.
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Finland’s Ahlstrom-Munksjö has signed $1.09bn-equivalent in acquisition and backstop facilities, as the fibre materials company prepares to buy US paper producer Expera Specialty Solutions.
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Nordic and Eastern European telecoms group Tele2 is planning to fund its acquisition of peer Com Hem with its first bond in euros, as borrowers return from earnings blackouts leading to more activity in the primary markets.
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Luminor Bank, an Estonian financial institution, was looking to place a small senior unsecured deal in the euro market on Wednesday, in spite of volatile market conditions. The transaction will be the issuer’s first step towards reducing its reliance on bank facilities as a means of funding.
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The Cover and GlobalCapital held the annual Covered Bond Awards Dinner on Thursday night at BMW Welt in Munich, celebrating the best performers in the market.
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Banks that deal in Yankees, including Nordea, HSBC and BPCE, raised $16bn in new funding as the market reopened with a bang after the Labor Day holiday.
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The Nordic high yield market has started to price several top rated euro deals that were initially planned to roadshow before the summer break. This time, demand and coupons suggest this could be a better window for the issuers.
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ABN Amro took advantage of a stable background and quiet market conditions to re-open the Yankee bank market this week, with a $2bn trade that attracted more than $7bn in orders.
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Russia’s Mechel has signed a $1bn-equivalent loan facility, as the metals and mining group pushes ahead with plans to restructure its debt portfolio by the end of 2018.
