Nordea Markets
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As many as eight covered bonds were launched across three currencies this week, the vaguely discernible pattern suggesting better interest for the larger deals with intermediate maturities and particularly those from non-eurozone issuers where liquidity is most likely to be better.
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KommuneKredit and Unédic have both pulled off strong trades, getting in ahead of what is expected to be a busy week in euros by coming to market on Monday. -
Finnish-headquartered property materials firm Caverion Group has signed a €60m unsecured term loan after restructuring in 2016.
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DNA, one of Finland’s largest telecommunications companies, closed at €10.10 on its stock exchange debut on Thursday, after pricing its €413m IPO in the lower middle of its range.
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DNA, one of Finland’s largest telecommunications companies, has revised the price range for its Helsinki IPO to the lower middle end of its initial range, having gathered a book two thirds made up of foreign investors.
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The busy equity block trade action, widely predicted by ECM bankers when the US presidential election produced a bounce in share prices, has continued this week with a string of sales totalling over $1.5bn.
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One of the last two substantial European IPOs of 2016 looks set to be completed on Friday, when RussNeft, one of Russia’s 10 largest oil companies, floats in Moscow for at least $495m.
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The African Development Bank and FMO took advantage of a maturing Scandinavian SRI investor base this week, printing SRI bonds worth Skr1.25bn ($135.1m) and Skr700m respectively.
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SP Mortgage Bank got a strong response this week for its first covered bond, partly due to its defensive five year maturity, while Caffil did well to issue a 15 year deal despite soaring volatility.
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The African Development Bank printed a Skr1.25bn ($135.3m) June 2022 green bond on Thursday. AfDB's trade follows FMO's Skr700m seven year sustainability bond that was priced on Tuesday.
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Shares in Petroleum Geo-Services, the Norwegian oilfield surveyor, closed 10% higher on Wednesday after the company completed a Nkr1.9bn ($225m) capital increase overnight, to strengthen its balance sheet.
