Nordics
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Public sector borrowers are aiming for the short end of the dollar curve, as swap spreads in the area hover around the spot in which they started 2017, having dropped sharply from the year’s highs hit in March. -
Shares in Boozt, the Scandinavian online fashion retailer, closed 25% higher on Wednesday after they began trading on Nasdaq Stockholm after its heavily oversubscribed Skr1.6bn (€166m) IPO. It rose another 3% on Thursday.
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The IPO of Boozt, the Nordic online fashion retailer, is due to be priced at Skr62, near the top of the Skr54 to Skr63 initial price range, giving it an initial market capitalisation of Skr3.44bn (€350m) when it begins trading on Wednesday, May 31.
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Møre Boligkreditt found strong demand for its first euro covered bond which, because of its sub-benchmark size, offered substantially more spread than similar bonds. At the same time BayernLB said it would start a roadshow for a sterling senior unsecured and covered bond.
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BPCE outplayed OP Mortgage Bank in the covered bond market on Tuesday with a €1bn 12 year that benefited from the steepness of the French curve and an eye-catching double-digit spread.
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The drought of equity-linked bond issuance in EMEA has suddenly ended this week, with the launch of two deals in three days, by GN Store Nord, the Danish maker of hearing aids and audio devices, and Impala Platinum Holdings, the South African mining company.
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Guarantor: All Danish municipalities and regions
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Sparebanken Sør Boligkreditt and Société Générale enjoyed solid receptions for their covered bonds this week, with the Norwegian issuer pricing flat to its curve.
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Shares in Medicover, the Swedish diagnostic services provider, closed 17% higher on their trading debut on Tuesday after the company finished its Skr2bn (€207m) IPO on Nasdaq Stockholm, having priced the deal at the mid-point of its range.
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The Skr1.4bn (€143m) IPO of Boozt, the Nordic online fashion retailer, was this week covered at its maximum size throughout its price range.
