Nordea Markets

Sweden’s Modern Times Group (MTG) and its subsidiary Nordic Entertainment Group have agreed a five year revolving credit facility in the run up to the subordinate company being spun off.

The European Securities and Markets Authority recently fined a clutch of Nordic banks for breaking credit rating regulations. The decision could have implications for the Schuldschein market — where arranging banks issue similar ratings to investors.

The European Securities and Markets Authority’s (ESMA) decision to fine five Nordic banks last week has raised two questions: just how consistently will rules be applied across Europe, and is it even appropriate that they are?

Ferd Invest sold a stake in Petroleum Geo-Services, the Norwegian company that provides surface imaging to oil and gas exploration companies, on Monday night after the stock rallied due to higher oil prices over the past 12 months.

The European Securities and Markets Authority on Monday issued fines to five banks from the Nordic region totalling €2.475m, for issuing credit ratings without having gained the necessary approval.

Sweden’s SSAB has ramped up the size of its euro denominated revolving credit facility to €600m, as the high strength steelmaker becomes the latest beneficiary of the liquidity flooding the loan markets.

DLR Kredit has become the first bank to convert senior debt that has been contractually subordinated into bonds that are subordinated by law, cementing the insolvency status of its creditors and paving the way for other firms to follow suit.

Nordea followed the path Danske Bank took a few weeks ago by turning to Swedish kronor for senior non-preferred debt on Tuesday, soon after its inaugural euro transaction in the instrument.

A debut offering of non-preferred senior debt from Nordea Bank could kick off a wave of euro supply from financial institutions after markets settled back into a pattern of stability this week.

Sweden’s Lundin Petroleum has slashed 90bp off the margin of its $5bn reserves-based lending facility, as borrowers continue to heap pressure on lenders over pricing.

The world’s largest salmon producer, Marine Harvest, sold the Nordic fish farming industry’s first bond for five years last week and as the industry scales up sources say a wave of issuance from the sector could be on the way.

Telecoms company TDC fired the opening shot of a multi-billion funding package for its leveraged buyout this week, with some investors showing mixed feelings about such deals.