Nordics

An auction this month to settle 2014-form credit default swaps referencing Norske Skog will comprise separate auctions for all four maturity buckets, the International Swaps and Derivatives Association’s EMEA Determinations Committee (DC) has confirmed, but 2003 updated contracts will only be settled in the shortest dated of these auctions.

Bonava, the Swedish housing developer, has obtained a Skr2.7bn ($325m) loan that backs its listing on the Nasdaq Stockholm exchange.

Sponda, the Finnish property developer, has signed €600m of unsecured five year syndicated loans to refinance maturing facilities.

AP Møller-Mærsk, the Danish shipping and oil company, revived its Norwegian krone bond funding on Monday with a three tranche deal that attracted much more demand than expected, growing to Nkr5.2bn (€558m).

Recipharm, the Swedish pharmaceutical company, has completed its Skr805m (€86m) rights issue to finance its acquisition of Kemwell’s manufacturing outsourcing businesses in India, Sweden and the US.

The Swedish issuer was lucky to raise €1bn of six year funding on Monday in the context of a weaker credit market, tight overall spreads and ultra-low yields. Bankers do not believe such execution would have been possible had the deal been postponed by even one day.

Dong Energy’s IPO, the biggest in Europe so far this year, achieved a strong result, both in its bookbuild, which raised Dkr17.1bn ($2.6bn), and on its first day of trading on Thursday, when the shares jumped 10%.

Rating: Aaa/AAA

The response to some of this week’s dollar deals has got some bankers believing that next week’s US Federal Reserve meeting might not prove to be the market shutting millstone that it had promised to be just a few weeks ago.

As Europe’s banks sweat over how best to raise cheap loss-absorbing capital, market participants have been awaiting the arrival of the first contractually bail-inable senior bonds. After Nykredit’s well-received market opener this week, the new asset class could be about to find its feet, writes Tyler Davies.

Rating: —/A/A

BRFkredit, the Danish mortgage bank, has mandated leads for a roadshow and aims to issue its second euro benchmark covered bond.