Nordics

Four covered bonds have been issued so far this week, but only one deal from Sparebanken Vest Boligkreditt was comfortably oversubscribed. The choice of tenor, deal size and generous spread ensured a solid reception, despite tough market conditions — which Credit Mutuel Arkea will face on Wednesday when it is expected to opens books for another covered bond.

Statkraft, the Norwegian state electricity company, made a successfully defensive venture into an uncertain corporate bond market with a €500m no-grow bond on Monday.

The euro pipeline for SSAs is fit to burst amid strong conditions, with a trio of issuers hitting screens on Monday and at least one borrower set to come with a deal later in the week.

Two insurance companies are meeting investors this week for tier two trades as the sector continues to beef up its capital ahead of the implementation of Solvency II in January 2016.

With increased activity in the euro investment grade and US high yield markets, bankers feel confident the European high yield pipeline should start making real progress, despite this week’s activity being restricted to a single roadshow.

The Euromoney Smaller European Companies Index Series currently comprises 1350 companies across 16 European countries.

Akelius Residential Property, the Swedish property group, was the only borrower roadshowing on Tuesday for a speculative grade bond in Europe, but bankers said investor feedback was positive.

SR-Boligkreditt has mandated leads for a series of investor meetings with a view to issuing its first deal.

Covered bonds proved their worth this week as, despite difficult market conditions, 10 borrowers were able to collectively raise more than €8bn at levels that looked attractive compared to senior unsecured financials.

Eager for winter, bankers headed north this week in search of ice and snow — along with a smattering of heavily voweled words, high alcohol content beverages and all things putrefied.

Lindorff, the Norwegian debt collection company, priced a €230m tap of its floating and fixed rate bonds on Thursday, reopening the European high yield market after the summer break in encouraging style.

Ontario Teachers' Pension Plan is selling a Dkr2.5bn (€335m) block of shares in ISS, the Danish cleaning and facility services company, on Wednesday night, in the first accelerated bookbuild of European shares so far this week.