Nordics
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Dong Energy began the bookbuild for its Copenhagen IPO on Thursday, at a price range of Dkr200 to Dkr255 a share, which would give it a market cap of Dkr83.5bn to Dkr106.5bn ($12.5bn-$16bn). -
Monday night’s three equity block trades in Europe all led to decent trading in the stocks on Tuesday. They included CVC’s exit from Evonik Industries – scooped on a sole basis by JP Morgan, though Bank of America Merrill Lynch has worked on most of these deals.
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KommuneKredit grabbed the first chance of the week to print five year dollars while other public sector issuers are set on 10 year deals.
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The Swedish firm Hoist Kredit, a subsidiary of Hoist Finance, on Wednesday sold its €250m bond to refinance a mixture of euro and Swedish krona floating rate notes.
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Swedish smelting and mining company Boliden has signed €1.39bn in loans, although the borrower was initially planning a larger deal, said a banker close to the financing.
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Sydbank had a difficult return to the senior market on Monday, with the leads unable to revise pricing and the order book falling short of the €500m deal size.
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Danish agency KommuneKredit has selected four banks to sell a five year no-grow $1bn bond in a dollar market that shows no signs of slowing down.
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An auction to settle Norske Skog credit default swaps will take place in June, after ISDA’s determinations ommittee agreed to an initial list of deliverables for the restructuring credit event — despite not having been able to gain access to a crucial document governing the terms of the firm’s guaranteed bonds.
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Arla Foods, the unrated Danish dairy cooperative, on Monday printed Skr1bn of notes, with issuance in the Nordic currency still lagging 28% behind last year’s figures.
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Sanoma, the unrated Nordic media group, sold a €200m unsecured bond on Thursday to redeem some of its old notes due next year.
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Norwegian issuer SR Boligkreditt and New Zealand borrower Westpac NZ will both take new euro deals on the road before the end of May, and the UK’s TSB has confirmed covered bonds will form part of its long term funding.
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