Nordics
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Svenska Handelsbanken built a solid order book for a tightly priced senior bond on Monday, suggesting there is still appetite for the asset class as spreads tighter. -
GlobalCapital revealed the winners of its Syndicated Loan, Leveraged Finance and Private Placement Awards 2016 at its 14th Annual Loans Dinner on Wednesday. A dozen borrowers — corporate, bank and sovereign — from all over the EMEA region attended the dinner of 250 people at the Guildhall in London. The awards were as ever based on a poll of loan market participants, conducted at the end of 2016. As such, they are the only awards that recognise achievement in the EMEA loan market based on the opinion of the market. This year we added two high profile new awards: the Lifetime Achievement Award and Most Impressive Growing Force in the Loan Market. Participants at the dinner supported the Loan Syndicate Managers’ Forum’s chosen charity, Make Sense of It, which supports research into, and sufferers from, multiple sclerosis. GlobalCapital congratulates all the winners and nominees.
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Buoyant secondary markets are continuing to provide ideal conditions for equity sellers to trade blocks. This week has already brought notable sales in France, Finland, Sweden and Russia.
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Terex Corp, the US maker of lifting and material processing machinery, has sold a 9.5% stake in Konecranes, the Finnish crane manufacturer, after a lock-up agreement was waived.
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EQT has completed the first selldown of stock in AcadeMedia, the Swedish schools group, since its IPO in June.
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Fewer investors than is normal bought Stadshypotek’s seven year covered bond on Tuesday. However, although the deal had virtually no new issue concession, it was nevertheless well subscribed.
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A triumvirate of covered bond issuers from Denmark and Norway enjoyed stellar demand for their euro covered bond benchmarks this week.
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Eika Boligkreditt showed it was immune to any concern over a possible Norwegian house price correction, as it priced a €500m seven year covered bond on Thursday flat to its curve.
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Budget airline Ryanair slipped into the market to print a €750m August 2023 bond on Wednesday, taking advantage of an almost clear run as many issuers are still on earnings reporting blackouts. Meanwhile, two other corporate credits are about to meet investors.
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Finland launched its first ever dual tranche deal on Wednesday, scoring €3bn with a five year leg and €1.5bn at 30 years. The issue comes on the heels of an immensely popular Belgian barbell printed on Tuesday.
