Nordics

Sandvik, one of the last Nordic borrowers to refinance as the regional holidays kick off, this week signed a Skr9bn-equivalent credit facility with two banks leaving the syndicate.

Swedish truck manufacturer Scania has refinanced a €1.25bn multicurrency revolving credit facility, as the pipeline of Nordic loan refinancings slow, according to a senior banker in the region.

Bank investors of Norwegian and Swedish covered bonds will be obliged to hold more capital against their investments from next week. Though this is likely to have implications for a considerable number of noteholders, the absolute change is small and is unlikely to affect demand, said analysts at Danske Bank research.

Kommuninvest is planning the largest ever green bond in Swedish kronor for Q3 2016, while the Nordic Investment Bank is also considering Nordic currencies for its green paper.

Shares in AP Møller-Mærsk, the Danish shipping and oil group, shot up 12% today after the company announced a sudden change of strategy. It is changing its CEO and will conduct a strategic review that could include deciding to break up.

Swedish firm AR Packaging this week began marketing €240m of loans to fund its acquisition by CVC Partners from Ahlstrom Capital and Accent Equity.

SSAB, the Swedish steel company, announced on Wednesday morning that its Skr5bn (€536m) seven-for-eight rights issue, led by Crédit Agricole, Handelsbanken, Nordea and Swedbank, had been oversubscribed by 38%.

Norwegian renewable energy firm Statkraft has signed a Nkr11bn (€1.2bn) five year revolving credit facility with a group of banks.

This week's scorecard looks at the progress of Nordic agencies through their 2016 funding programmes.

Stadshypotek was lucky to raise €1bn of six year funding at 3bp over mid-swaps on Monday, a feat that leads said would not have been possible on Tuesday as markets deteriorated.

Covered bond volumes were higher this week than last even as mounting fears of a UK decision to leave the European Union lead to greater volatility and increased execution risk.

The Swedish covered bond law requiring issuers to hold a minimum overcollateralization ratio of 2% is expected to come into force on June 21.