Nordics

Kommuninvest will have a larger funding need next year than in 2017, as the Swedish agency revised down its expected funding for this year.

Jens Peter Leschly Neergaard, global head of international banking at Danske Bank, will retire at the end of this year.

The likely return of a rare sovereign issuer next week will break the silence in an otherwise quiet market for SSAs in euros, after there were just a smattering of German Lander trades this week. Meanwhile, investors believe that the rising interest rate cycle in the US could have a knock-on benefit for euro borrowers.

Euro high yield bond buyers caught sight of a rare two digit coupon this week. Perstorp, the Swedish speciality chemicals group, priced its subordinated note with a 10% coupon.

The Republic of Iceland looks set to bring its first syndication in over three years before the year end, after mandating banks on Wednesday to run a euro trade.

Finland’s Oma Savings Bank found strong demand for a debut covered bond on Monday which, because of its sub-benchmark size, offered a sizeable premium to any other Finnish benchmark.

Skanska, the Swedish construction and property development company that is a leader in green building, has signed a €200m green revolving facility with four of its relationship banks.

Sweden has set up a Sustainable Finance Centre, as a partnership between the Stockholm Environment Institute and the Stockholm School of Economics. One of the first projects it is considering taking on is helping the International Finance Corp stimulate green bond issuance among emerging market banks.

Swedish speciality chemicals firm Perstorp is lining up the European high yield market’s first December deal, with a €485m two tranche bond that is expected to be priced next week.

Stadshypotek returned to the covered bond market for the third time this year to issue its second seven year at the tightest ever spread to mid-swaps. But the fact leads took so long to decide on the deal size hinted that execution had not gone smoothly.

As fund managers fill their pockets with corporate leveraged finance debt, borrowers like BMC Software are taking advantage of strong conditions to slash funding costs across their financial structure.

TCM Group, the Danish kitchen maker, has priced its initial public offering on Nasdaq Copenhagen, at Dkr98 a share, giving it a market cap of Dkr980m (€132m).