Nordics

Deutsche Bank is in the market this evening with a block trade of about €319m in shares of Euler Hermes, the Paris-listed trade receivables credit insurer. It is the first equity capital markets deal in the stock since 2002.

Fortum, the Finnish energy company, is refinancing a €2.5bn revolving credit facility, but looking for a smaller loan this time around, according to one banker.

Stockholm County Council mandated two banks on Wednesday to run what will be its third green bond.

Today was a weakish day for stocks, with the Euro Stoxx 50 down 0.5%, but that has not stopped Bain Capital executing its first block trade of shares in Bravida, the Swedish heating, plumbing and electrical contracting company that floated in October. The trade is covered.

A credit event auction to settle Norske Skog credit default swaps is being delayed because ISDA’s EMEA Determinations Committee has been unable to source an intercreditor agreement.

The pre-summer IPO calendar is filling up again, with some big deals, as Denmark’s privatisation of Dong Energy got formally under way on Thursday with the start of investor education.

United Arab Bank — Isbank — LSL Property — Nokian

The European Bank for Reconstruction and Development printed a $500m floating rate note on Thursday in the week’s third deal in the format.

LBBW, OP Mortgage Bank and Mortgage Bank of Finland took little time to sell their benchmark euro deals this week.

Stadshypotek’s newly set up third cover pool, which can be secured by Finnish residential and public sector loans, has been rated Aaa by Moody’s.

Agence France Locale (AFL), awarded a mandate on Wednesday for a benchmark bond as bankers said that regardless of the tough backdrop in equities the SSA market remains in rude health.

A flurry of public sector issuers have taken the market by surprise in a week many expected would see issuance sapped by a combination of international holidays.