Nordics

Japanese investors on the hunt for European SSA credit drove a flurry of long dated Australian dollar deals on Wednesday.

With just over three weeks to go until Easter, the latest wave of IPOs in EMEA is progressing well. One deal was priced on Tuesday and bookbuilds have begun for two more.

Ambea, the Nordic healthcare provider, has announced the terms for its IPO on Nasdaq Stockholm, which could give it a valuation of up to Skr5.07bn (€530m).

Danske Bank will sell its first ever additional tier one with an equity conversion trigger this week, as it looks to target the dollar market for bonds it can still account for as debt.

While low oil prices have caused financial problems for many borrowers in the Nordic high yield market, the opposite has been true for the unrated Finnish airline Finnair, which will open a roadshow for a sub-benchmark sized offering on Friday.

Skandinaviska Enskilda Banken (SEB) took advantage of buoyant market conditions that followed Wednesday’s US Federal Open Market Committee (FOMC) meeting, quickly attracting an oversubscribed order book for a dollar perpetual non-call five year additional tier one (AT1). At the same time, Caixa Geral mandated leads to roadshow a euro-denominated AT1.

Rating: Baa3/—/BBB (Additional Tier 1)

Svensk Exportkredit (SEK) hit screens for a sterling deal on Monday, raising £250m with a one day execution despite the announcement that the Scottish government will seek a second independence referendum.

Rating: Aa1/AA+

Rating: —/A/A

Municipality Finance this week enjoyed a boost to its plans to term out its funding, as an investor placed a reverse enquiry order for a record breaking long dated euro note.

Nykredit Realkredit found weaker conditions on its return to the senior resolution note format on Thursday, having recently updated its issuance programme to make sure the bonds will become "non-preferred" senior if Denmark changes its insolvency law.