Nordea Markets
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SpareBank1 Boligkreditt, Aareal Bank and Nordea took advantage of strong demand for five year paper to issue oversubscribed deals this week, paying virtually no new issue concession.
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Swedish Match is selling a 9% stake in Scandinavian Tobacco Group, the Copenhagen-listed cigar and pipe tobacco producer, this evening (Wednesday) though an accelerated bookbuild led by Deutsche Bank and Nordea. -
Sparebank 1 Boligkreditt and Aareal Bank issued well oversubscribed covered bonds on Wednesday, paying virtually no new issue concession. Both banks took advantage of enduring demand for five year tenors, while for Aareal the issue was cheaper than the European Central Bank’s term liquidity.
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Nordea Mortgage Bank (NMB) was set to issue its largest covered bond in three years with a well subscribed order book and a modest concession. At the same time, La Banque Postale returned with its now regular annual covered bond funding.
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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.
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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.
