Nordics

In a new sign of how hot Europe's leveraged finance market has become, Verisure, the Swedish security systems company, is seeking to raise €3.5bn of bonds and loans, partly to fund the market's biggest dividend recapitalisation this year.

Swedish property company Akelius Residential Property has sold eight year deals in euros and sterling during the last six months, as well as a four year Swedish krone deal. That concentrated funding activity didn’t affect the success of another euro deal on Tuesday though.

Compagnie de Financement Foncier (CFF) this week issued one of the most oversubscribed French covered bonds in years with demand boosted by the long tenor, small deal size and positive spread. At the same time, SEB found good demand, even though it was issuing the tenth 10 year covered bond since September.

Orphazyme, a Danish biotechnology company, has revealed the terms for its IPO on Nasdaq Copenhagen.

Oslo-listed oil and gas exploration firm Aker BP raised Nkr4.1bn ($500m) through an accelerated bookbuild, to fund its acquisition of Hess Norge, the owner of two Norwegian oil fields.

Norwegian financial institution Komplett Bank is looking to place up to Nkr1.03bn ($126.58m) in an initial public offering (IPO), combining primary and secondary placements on the Oslo Stock Exchange (OSE).

TCM Group, a Danish maker of kitchens and bathroom furniture, plans to list on Nasdaq Copenhagen this autumn.

Sparkasse Hannover has joined Wüstenrot Bausparkasse in the euro covered bond pipeline. Both issuers are likely to get strong executions for their sub-benchmark Pfandbriefe which may no longer need to offer a premium relative to benchmark deals. At the same time, Sparebank 1 Boligkreditt has mandated leads to market its first covered bond in sterling.

October’s European IPOs are seeing mixed results in trading, with some of the month’s deals slipping after pricing, while others enjoy strong performance.

After several months without any long end dollar benchmark bonds from public sector issuers, two came along at once this week — bolstering confidence that conditions are right for a borrower to print in jumbo size in the tenor for the first time in more than two years.

Rating: Aaa/AAA/AAA

Public sector borrowers are flocking to the green bond market, dominating the upcoming SSA pipeline as the year draws to a close.