Nordics

Íslandsbanki plans to issue its inaugural additional tier one (AT1) note in the near future, becoming the second Icelandic bank to debut in the format since the collapse of the nation's banking system 13 years ago.

Finnish insurer Sampo has bought back more euro-denominated senior bonds as it looks to reduce its leverage, though it failed to gain approval to redeem the remaining bonds ahead of their maturity.

Apex Partners has cut its stake in TietoEvry, the Finnish software and IT services company, via an accelerated bookbuild.

This week's scorecard looks at the progress Nordic agencies have made in their funding programmes in early July.

Finland’s Municipality Finance has sold its first bond linked to one of the new risk-free rates, opting for the Secured Overnight Financing Rate for its $200m floater.

Wells Fargo hires Marriott from NatWest Markets — Créd Ag MD to join BNP Paribas SSA desk — SEB SSA DCM head off to New York — AFT hires funding official from Crédit Foncier — Citi promotes CEEMEA debt bankers — HSBC AM adds EM debt portfolio manager — EM seller heads from Credit Suisse to Barclays — Deutsche Bank hires head of US CLO syndication from JPM — Senior securitized product banker leaves Barclays — USSIM poaches BlackRock head of European ABS — Together treasurer departs for Pepper — Barclays poaches from JP Morgan for real estate IB push — Barclays hires from MS for head of Nordic banking

Morgan Stanley managing director Tobias Åkermark is leaving the US firm to become head of Nordic banking and country CEO for Sweden at Barclays.

Denmark’s Systemic Risk Council is calling on the government to reactivate countercyclical capital buffer (CCyB) requirements for banks, as the country's economic recovery gathers pace and risks begin to build up in the residential mortgage market.

Sweden became the latest European sovereign to access the ultra-long end of the curve this week as it launched its first 50 year bond, opening up the long end of the krona curve for other highly rated names.

Íslandsbanki, the Icelandic bank nationalised during the financial crisis, was finishing its flotation on the Nasdaq Iceland on a strong note on Monday, pricing the IPO at the top of the price range.

Alm Brand, the Danish insurer, has agreed to acquire RSA Insurance Group's Danish business Codan, for Dkr12.6bn (€1.69bn) in cash.

Covered bonds issued this week by SCBC and Bank of New Zealand were thinly oversubscribed and illustrated that investors are still sensitive to price, albeit that demand was good for a small green debut from Eika Boligkreditt and a tap from Oma Savings Bank.