Nordics

The European Stability Mechanism is close to deciding on the format its first dollar benchmark will be printed in, while a deal due this Friday could open up to longer dated tenors what has already been an extremely strong dollar market in the three year part of the curve.

Export Development Canada will on Friday join a rampant dollar benchmark market and could open end up giving issuers more options after choosing a more daring maturity than those executed in the last few weeks.

Norway’s top spot in Nordic high yield annual primary issuance has historically been invulnerable. But with most borrowers linked to the energy sector and oil prices struggling to recover, its reign may be about to change this year.

Sweden on Thursday will bring the second three year dollar benchmark of the week, after a deal on Wednesday in the same tenor from KfW that was the biggest trade in the currency since July.

Gjensidige Forsikring, the second largest shareholder in Norway’s Sparebank 1 SR-Bank, has tonight launched a block trade to sell a 5.7% stake in the bank, worth about Nkr690m (€77m) before any discount.

Swedish financial services firm Lindorff has signed €225m in loans to fund its non-performing loans business and to reduce the group's reliance on its revolving credit facility.

Rising oil prices are said to be behind the strong reception Norway’s DNB got on Tuesday when it reopened the dollar Reg S market for additional tier one (AT1) paper.

Finland’s largest private lessor, VVO Group, sold its second euro bond on Monday, with orders coming from Nordic and, for the first time, other European investors.

Misys, the UK banking software company owned by Vista Capital Partners, will make its return to the London Stock Exchange via an IPO in early November, the company said in an intention-to-float document on Thursday morning.

The revival of convertible bond issuance by the traditional issuer base of smaller, riskier companies continued at the end of last week with contrasting deals by Ship Finance International and Recipharm.

The covered bond pipeline grew this week as Ibercaja and BNP Paribas Fortis mandated leads for roadshows and Nordea signalled it could be ready to return soon.

Hannele Pokka, the Finnish minister for the environment said, in an exclusive interview with GlobalCapital, that she believes the ratification of the Paris Agreement, the first ever universal, legally binding climate accord struck in 2015, will spur on the green bond market’s development.