Nordics
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After four busy weeks, European corporate bond market on Wednesday was deserted but for a benchmark deal from Avinor, the Norwegian state-owned airport operator. -
RenoNorden, the struggling Norwegian waste management company, on Monday launched a highly dilutive rights issue to avoid breaking its debt covenants after losses in 2016, but investors appeared to welcome the news, sending the shares up 6.4%.
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Shares in Diös Fastigheter, the Swedish property company, closed 4.5% higher on Thursday after it completed its Skr1.85bn ($209m) rights issue to partly finance the acquisition of a portfolio of mainly commercial and retail properties from Castellum in cities in northern Sweden.
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Investor AB, a Swedish industrial holding company, has signed a new five year plus one plus one revolving credit facility for a capped size of Skr10bn ($1.13bn).
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A $120.6m borrowing to support a recent acquisition by Indian company Tata AutoComp Systems has launched into general syndication.
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Christian Hansen, head of equity capital markets Denmark at Nordea, has left the bank on Thursday this week, in order to join Danske Bank in the summer.
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SpareBank1 Boligkreditt, Aareal Bank and Nordea took advantage of strong demand for five year paper to issue oversubscribed deals this week, paying virtually no new issue concession.
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One of the busiest days ever in the public sector dollar market ended with five issuers sitting on deals printed at the top end of their size targets and with pricing tightened from initial thoughts. Another borrower is already out for Thursday business and bankers predict that conditions are so “incredible” that deal flow will stay healthy into next week — no matter what policy statements incoming US president Donald Trump makes at his inauguration on Friday.
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Swedish Match is selling a 9% stake in Scandinavian Tobacco Group, the Copenhagen-listed cigar and pipe tobacco producer, this evening (Wednesday) though an accelerated bookbuild led by Deutsche Bank and Nordea.
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Sparebank 1 Boligkreditt and Aareal Bank issued well oversubscribed covered bonds on Wednesday, paying virtually no new issue concession. Both banks took advantage of enduring demand for five year tenors, while for Aareal the issue was cheaper than the European Central Bank’s term liquidity.
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A quartet of public sector borrowers are set to cram into the front end of the dollar curve on Wednesday, as bankers outlined a triple whammy of factors driving the squeeze.
