Nordics

Sweden’s Modern Times Group (MTG) and its subsidiary Nordic Entertainment Group have agreed a five year revolving credit facility in the run up to the subordinate company being spun off.

Ålandsbanken, a small bank headquartered in the Åland Islands, an autonomous region in Finland, is seeking to launch its first public sale of a senior bond as part of a drive towards meeting its minimum requirement for own funds and eligible liabilities (MREL).

A Credit Suisse DCM managing director has quit the bank to join Deloitte.

Kommunalbanken's sterling tap was the sole deal in the public sector market on Tuesday, following a similar transaction by Bank Nederlandse Gemeenten on Monday.

Bank Nederlandse Gemeenten kept the sterling tap running as the sole deal in the primary SSA market on Monday, with a Norwegian agency lining up to follow it on Tuesday.

Ferd Invest sold a stake in Petroleum Geo-Services, the Norwegian company that provides surface imaging to oil and gas exploration companies, on Monday night after the stock rallied due to higher oil prices over the past 12 months.

Sweden has become the latest European country to announce a rise in the level of the countercyclical buffer rate for its banks, citing a recent surge in risk taking.

KommuneKredit’s borrowing costs and access to the capital markets are unlikely to be affected by S&P downgrading its long term credit rating, said SSA bankers.

Nykredit Realkredit more or less filled its annual target for issuance in the non-preferred senior format on Tuesday, raising €500m in its first deal since a recent update to bank insolvency law in Denmark.

Norwegian car parts manufacturer Kongsberg Automotive is refinancing loans in the high yield market with a deal that offers investors the biggest double-B coupon seen since April.

A pair of European agencies have increased their funding target ranges for 2018 as they prepare for the second half of the year.

Stadshypotek issued a €1bn seven year on Wednesday marginally wider than where DNB Boligkreditt recently issued its much larger green inaugural deal in the same tenor. It followed a €500m five year from Sparebank Vest Boligkreditt.