Nordea Markets

Fortum, the Finnish energy company, is refinancing a €2.5bn revolving credit facility, but looking for a smaller loan this time around, according to one banker.

Today was a weakish day for stocks, with the Euro Stoxx 50 down 0.5%, but that has not stopped Bain Capital executing its first block trade of shares in Bravida, the Swedish heating, plumbing and electrical contracting company that floated in October. The trade is covered.

The pre-summer IPO calendar is filling up again, with some big deals, as Denmark’s privatisation of Dong Energy got formally under way on Thursday with the start of investor education.

Double-B rated issuers WEPA Hygieneprodukte, Europe’s leading privately owned tissue manufacturer, and Barry Callebaut, the Swiss chocolate producer, both followed Volvo’s lead in launching bonds on Monday, helping to keep a stuttering primary market active.

LBBW, OP Mortgage Bank and Mortgage Bank of Finland took little time to sell their benchmark euro deals this week.

A flotilla of IPOs reached harbour safely this week, through waters calmed by the European Central Bank’s quantitative easing medicine, and whatever other magical ingredient has made financial professionals feel so much better since Easter. But one debutant tripped up and another IPO was pulled.

Tuesday and Wednesday brought a pair of private equity block trades following first quarter results, but nothing to match the fireworks of Monday night, when Credit Suisse placed £1bn of stock in SABMiller for Kulczyk Investments at a 0.88% discount.

Tokmanni, Finland’s largest general discount retailer, announced on Tuesday its intention to float on Nasdaq Helsinki during the second quarter, selling both new and existing shares.

Natural gas provider Gasum enlisted just two banks to provide a €640m credit facility, part of which will refinance a recent acquisition by the group.

HeidelbergCement issued a benchmark high yield bond on Monday that was increased to €1bn and nearly three times oversubscribed.

Two borrowers from Denmark and Norway launched their first euro denominated covered bonds this week, expanding the number of issuers to a new record.

Ontario Teachers’ Pension Plan fully exited its stake in ISS, the Danish cleaning firm, through a Dkr2.74bn ($408m) block trade on Monday night, which a lead banker said had attracted strong demand.