Nordics
-
There was just a smattering of public sector dollar deals this week — but a wide difference in how they fared. -
KommuneKredit fell short of full subscription with a three year dollar benchmark on Thursday, with few updates provided through the book building process.
-
Stora Enso, the Finnish-Swedish wood, paper and packaging maker, started a roadshow on Tuesday for a €300m bond that will have one of the longest tenors in the high yield market this year.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Guarantor: All Danish municipalities and regions
-
Sparebanken Sør Boligkreditt and Société Générale enjoyed solid receptions for their covered bonds this week, with the Norwegian issuer pricing flat to its curve.
-
