Nordics

SKF, the Swedish ball bearing maker, won a €2.2bn order book today (Tuesday) for a €500m no-grow bond, issued to partly fund a tender offer for older notes.

B2 Holding, the Norwegian debt management company, printed on Thursday its debut bond as it refinances its debts to support further acquisitions.

Alandsbanken, the Finnish banking group, has issued its first Swedish krona bond for over a year, drawing huge demand from domestic Swedish investors.

A trio of issuers from Finland and Sweden raised €3.5bn of funding in the covered bond market this week with strong receptions and limited spread concessions.

AP Moeller-Maersk, the Danish shipping conglomerate, this week issued its first benchmark euro bond since issuing a profit warning in October. Investors were price sensitive, but bankers away from the a €600m seven year trade were impressed with the book size for such a challenging story.

Danske Bank’s Finnish branch returned to the covered bond market for the first time since 2012 with a five year benchmark on Thursday. The €1bn deal offered a healthy new issue premium, and leads built a reasonable book, despite competition from cheaper alternatives in the market.

Danske Bank in Finland, formally known as Sampo Housing Loan Bank, has mandated leads for its first covered bond since September 2012. Meanwhile, La Caisse Centrale Desjardins du Quebec (CCDJ) has also mandated.

AP Moeller-Maersk, the Danish shipping conglomerate, has raised its first benchmark euro bond since issuing a profit warning in October, a €600m seven year trade.

Kommuninvest will receive a capital injection from its owners to help meet upcoming leverage ratio rules, but has not ruled out issuing additional tier one paper to raise further capital.

Stadshypotek, the mortgage subsidiary of Svenska Handelsbanken, returned to the market with its first euro denominated covered bond since November 2014. The issuer increased the transaction size and tightened the spread, sending strong signal of confidence to other borrowers considering launching deals before the end of the year.

Evli Pankki, the Finnish investment bank, launched its IPO on Monday November 16, hoping to raise €14.2m by floating on the main list of Nasdaq OMX Helsinki.

Mortgage Society of Finland (Suomen Hypoteekkiyhdistys) has mandated for what would be a debut senior unsecured issue in euros, as covered bonds dominated FIG primary activity on Monday.