Nordics

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.

LBBW, OP Mortgage Bank and The Mortgage Bank of Finland took little time to sell their benchmark euro deals as, despite the relatively meagre yields on offer, the bonds offered a substantial spreads compared to negative yielding German government bonds.

Sweden's largest oil refiner, Corral Petroleum Holdings, sold on Friday €625m-equivalent of payment-in-kind toggle notes after dropping dollars for Swedish kronor.

Lehto Group, the Finnish modular construction company, pulled off the rare feat of pricing its IPO at the top of the range this week, and then saw the stock rise 15% on its debut on Thursday.

Three public sector borrowers issued sterling this week, taking proceeds in the currency to their highest level in months as fears over the United Kingdom leaving the European Union receded.

Corral Petroleum Holdings, Sweden's largest oil refiner, on Wednesday released double digit price guidance for its $700m-equivalent of payment-in-kind toggle notes, as it meets investors in the US this week.

Tuesday and Wednesday brought a pair of private equity block trades following first quarter results, but nothing to match the fireworks of Monday night, when Credit Suisse placed £1bn of stock in SABMiller for Kulczyk Investments at a 0.88% discount.

Nynas, the Swedish bitumen and speciality oils producer, has signed €650m of loans in an oversubscribed deal with six banks.

A pair of SSA borrowers returned to the Norwegian krone market this week for the first time this year, taking advantage of better funding conditions in the market.