Nordea Markets

Euronav, the unrated Belgian oil tanker group, made its debut in the bond market on Tuesday after a second consecutive year of profits in a declining industry.

CVC has launched the first ever block trade in Ahlsell, the Swedish wholesaler of plumbing and electrical installation products that floated in Stockholm in October 2016.

Munters, the Swedish maker of air conditioning systems, has set the terms for its IPO on the Nasdaq Stockholm, which, if completed, will value it at Skr10.1bn (€1.05bn).

Medicover, the Swedish diagnostic services provider, on Tuesday joined the growing number of European companies seeking to go public before the summer, announcing its intention to float on Nasdaq Stockholm.

Two European IPOs reached conclusions on Friday, March 31. That of Ambea was heavily oversubscribed, while UniEuro's had to be shrunk and restructured to get it over the line.

Russian Railways, a regular issuer in the bond market, has made a return to syndicated loans by signing a $420m club deal at the end of last week, according to a banker on the trade.

European bank issuers of additional tier one (AT1) have been abandoning the euro market in favour of dollars. But some have had to start embracing equity conversion structures to join in because it is one of the few ways to account for AT1s as debt and avoid a mark-to-market swap.

Ambea, the Nordic healthcare provider, has announced the terms for its IPO on Nasdaq Stockholm, which could give it a valuation of up to Skr5.07bn (€530m).

While low oil prices have caused financial problems for many borrowers in the Nordic high yield market, the opposite has been true for the unrated Finnish airline Finnair, which will open a roadshow for a sub-benchmark sized offering on Friday.

BMC Software, the US IT management firm, joined a packed European leveraged finance market on Monday with a €650m term loan refinancing, one of several deals launched since late last week.

While Thursday’s European Central Bank meeting brought little in the way of material changes, the SSA market is watching closely, expecting a tightening of eurozone monetary policy. Meanwhile, the Joint Laender launched a euro seven year benchmark.

Covered bonds issued this week by Axa Bank and Lansforsakringar Hypotek (LF Hyp) were priced at — or inside — fair value, partly reflecting a technical squeeze that was aggravated by the European Central Bank’s move to step up purchases in the secondary market.