Nordics

This week’s steady run of one equity block trade a night in the European market continued on Thursday with the biggest deal so far, as Bpifrance, the French state investment fund, launched a €500m sale of more than half its holding in Eiffage, the construction and concessions group.

Stockholm County Council’s third green bond — a September 2021 note — has met with strong demand and sold with a negative new issue premium. Région Île-de-France is looking to follow suit, selecting four banks for a green bond roadshow.

Plans to settle Norske Skog credit default swaps by auction were still at an impasse on Thursday, after ISDA’s EMEA Determinations Committee was unable to find crucial paperwork despite meeting three times this week.

Swedish power company Electrolux has refinanced a €1bn credit facility in a loan market being kept busy with deals for Nordic borrowers.

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.