Nordea Markets

The euro corporate bond market sold off on Wednesday morning in reaction to Donald Trump’s victory in the US presidential election, but spread widening was limited, and bankers are already preparing new issues for Thursday.

Nordea and SEB have underwritten €760m of loans for the merger of Finnish paper and pulp makers Ahlstrom and Munksjö.

The visible European high yield pipeline was empty on Monday but for Perstorp, the Swedish specialty chemical company, which is running a seven day roadshow for its dual currency all debt refinancing deal.

Equity block trade business came back to life this week, as sellers hastened to monetise stakes before the US presidential election.

Caja Rural Navarra is planning the first green covered bond of the year. It follows a trio of covered bonds issued by Australian banks and the first transaction to be issued from Nordea in more than a year.

The newly established mortgage issuing subsidiary of Nordea Bank has mandated leads to roadshow its first deal from its Finnish programme.

AP Møller-Mærsk is tonight selling its remaining 1.6% stake in Danske Bank in an accelerated bookbuild worth Dkr3.35bn (€450m) before any discount. The deal breaks a quiet patch for block trades in Europe.

Shares in Ahlsell, the Swedish wholesaler of plumbing and electrical installation products, have traded strongly since its Skr6bn ($671m) Stockholm IPO, ending Thursday 13% above their IPO price.

DNA Ltd, Finland’s third largest mobile phone operator, has decided after a strategic review to embark on a second attempt at an IPO, more than three years after shareholders voted against going public.

Tele2, the Swedish telecommunications operator, has announced the terms for its Skr3bn ($356m) rights issue.

Ahlsell, the Swedish plumbing and electrical products distributor, has signed a post-IPO loan with Danske Bank, DNB, Nordea and SEB.

Valmet — Segro — Ecom — Aluminium Bahrain — Morpho