Nordics

DNA, one of Finland’s largest telecommunications companies, closed at €10.10 on its stock exchange debut on Thursday, after pricing its €413m IPO in the lower middle of its range.

Arcus, the Norwegian distiller owned by private equity group Ratos, made its debut on the Nasdaq Oslo on Thursday after its Nkr1.7bn (€196m) IPO that was multiple times covered.

Kommunalbanken raised A$40m ($29.7m) from an Australian dollar tap on Tuesday after sole-arranger Daiwa found two more Japanese life insurers to take an earlier reverse enquiry above the Norwegian agency's minimum size of A$30m.

Swedbank became the third non-UK issuer to launch a sterling covered bond since September, when it launched a rare five year on Wednesday. The high number of UK bank sterling redemptions that are unlikely to be refinanced next year suggests sterling investors will be cash rich and receptive to similar supply.

In another sign of the cautious mood gripping the IPO market in Western Europe, Varta AG, the German microbatteries maker, has called off its €150m Frankfurt IPO. Yet the Nordic market continues to show its resilience, as three successful flotations reach their conclusion this week.

Kommunalbanken added a A$40m ($29.8m) tap to its December 2026 Kangaroo bond on Tuesday, responding to a Japanese life insurer's request.

The IPO of Arcus, the Norwegian distiller owned by private equity group Ratos, is multiple times covered within its revised price range.

DNA, one of Finland’s largest telecommunications companies, has revised the price range for its Helsinki IPO to the lower middle end of its initial range, having gathered a book two thirds made up of foreign investors.

The busy equity block trade action, widely predicted by ECM bankers when the US presidential election produced a bounce in share prices, has continued this week with a string of sales totalling over $1.5bn.

Oslo Bors is to change the last trading day of its equity derivative contracts to the third Friday of the month, as the exchange looks to line up with other markets.

One of the last two substantial European IPOs of 2016 looks set to be completed on Friday, when RussNeft, one of Russia’s 10 largest oil companies, floats in Moscow for at least $495m.

SP Mortgage Bank got a strong response this week for its first covered bond, partly due to its defensive five year maturity, while Caffil did well to issue a 15 year deal despite soaring volatility.