Nordics
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Sydbank sold its first non-preferred senior deal on Tuesday, leaving it with €500m to raise for its minimum requirement for own funds and eligible liabilities (MREL). -
Two banks made their public debuts in the senior preferred asset class with sub-benchmark deals this week: Münchener Hypothekenbank and Ålandsbanken.
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Nordic equity capital markets investors had several deals to look at on Tuesday night, with two deals contributing over €587m of issuance in Nordic ECM.
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A day after Swedish bearings and seals manufacturer SKF announced a tender offer for its outstanding short dated bonds, it sold a €300m seven year bond to finance the buy-back.
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Finland is leaving the door open for a third syndicated bond in 2018, after receiving a record order book for its 10 year euro benchmark deal this week.
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Landsbankinn’s tier two deal on Thursday carried an unremarkable size of just €100m. But more notable was that it was the first subordinated euro trade from an Icelandic bank since the crisis.
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Finland and KfW received strong investor demand for the first sizeable deals in the euro public sector market following the summer.
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Svenska Handelsbanken was in the market on Tuesday, setting final terms for €750m of tier two capital. It was the first bank to issue subordinated notes in euros since June.
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Sunstone Capital, the Danish venture capital firm, sold its final stake in Swedish e-commerce firm Boozt on Wednesday, its third sale of shares since the firm’s IPO in May 2017.
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KommuneKredit took a careful approach to its first benchmark deal since losing its triple-A rating with S&P. It found a good reception after starting with a wider initial pricing level.
