Nordics
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A $3.5bn dual-tranche borrowing to back Tencent Holdings' acquisition of an up to 76.9% stake in Supercell has gone into general syndication. -
Next week’s Danish covered bond auctions are eagerly awaited by yield-starved foreign investors. The 30 year callable notes offer the highest yields for a triple-A rated credit to be found anywhere.
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Pricing rather than size was the focus for public sector borrowers in the dollar market this week, although overly aggressive pricing was not the reason for one issuer having to pull back from bringing a tap issue.
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The list of Norwegian covered bond debuts continues to grow with Moody’s assigning a top rating to OBOS Boligkreditt, the largest housing and real estate developer in Norway. The agency now rates 18 Norwegian covered bond programmes in this nation of five million people.
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Swedish Export Credit Corporation (SEK) has cancelled plans to sell a tap of its January 2019 global floating rate notes on Tuesday, due to a problem with the documentation for the reopening.
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A pair of public sector borrowers mandated banks on Monday to run small taps of dollar bonds, a theme that SSA bankers expect to run for the next few weeks.
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BC Partners sold a 7.8% stake in Com Hem, the Swedish cable TV operator and broadband provider, through an accelerated bookbuild led by Morgan Stanley on Monday night.
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Shares in SSAB, the Nordic steel producer, have risen by 11% since the company announced the completion of its oversubscribed Skr5bn ($599m) rights issue on Friday.
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Cloetta, the Swedish confectionery company, has agreed Skr3.7bn ($430m) of unsecured loans with a group of four Nordic banks, its first ever syndicated loan.
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Shares in BW Offshore, one of the world’s largest operators of floating oil production and storage vessels, traded up in Oslo on Monday after the company completed its Nkr847m ($101m) rights issue.
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Norwegian gas and oil shipping and storage company Stolt-Nielsen has agreed $325m of new debt arrangements with three of its relationship banks to fund the purchase of Jo Tankers' chemical tanker operations.
