Nordics

Nets, one of the largest digital payment service providers in the Nordic region, announced its intention to float on Nasdaq Copenhagen, hoping to emulate the success of larger UK peer Worldpay which was listed last year in London.

More than $1.5bn worth of block trades completed within the space of three days this week showed that the summer break in European equity capital markets is well and truly over. The deals included two big Swedish sell-downs by EQT worth more than $500m, and a Sfr539m sale of Straumann Group shares.

The dollar market is set to remain the “darling” — in the words of one syndicate banker — currency in the coming weeks, after a trio of strong deals on Wednesday.

The European Financial Stability Facility has sent out a request for proposals for a bond issue next week, as Finland highlighted how much demand issuers can muster in the euro market — even at yields well below 0%.

Íslandsbanki has become the first Icelandic bank to raise a benchmark deal in euros since the financial crisis, taking advantage of greatly improved market conditions to broads its investor base beyond its Scandinavian core.

EQT Partners has sold a 20% stake in Dometic Group, the Swedish maker of refrigerators and cookers for camper vans, for Skr3.6bn ($424m).

Another large private equity sell-down in Sweden has stood out in a quiet week so far for primary equity capital raising.

Finnish commercial real estate company Citycon was the second Nordic borrower to print bonds in two weeks, following a three month spell when no corporate borrowers from the region came to the market.

A trio of issuers on Tuesday mandated for dollar deals across the shorter end of the curve, as underlying US Treasury yields stayed slightly elevated after last Friday’s meeting of central bankers in Jackson Hole.

Finland is bringing a seven year euro benchmark that is almost certain to be priced with a negative yield — but that should do little to quell demand, said bankers on and off the deal.

Municipality Finance will sell its debut green bond in dollars, rather than in euros as it previously intended, in order to secure cheaper funding.

DNB Boligkreditt issued a larger than average euro benchmark 10 year covered bond on Tuesday at a spread that was arguably flat to its curve illustrating solid demand for non-Eurozone deals that still of a substantial pick-up to core markets.