Nordics

Bank of Montreal is seeking investor consent to switch from referencing Libor to Sonia on its sterling covered bond, following similar moves from other borrowers. Different calculation methods are emerging for the transition.

Eika Boligkreditt and Oma Savings Bank found good demand for their covered bonds sold on Tuesday with small deal sizes, environmental appeal and European Central Bank providing a boost. Even so, syndicate bankers were not convinced the market was back to full health.

Íslandsbanki, the Icelandic bank nationalised during the financial crisis, has secured several cornerstone investors for its flotation on the Nasdaq Iceland.

Swedish Covered Bond Corporation’s (SCBC) benchmark eight year deal, syndicated on Monday, was slow to build and, even though the final spread looked fine, the process clearly showed that investors are reticent to buy deals at prevailing levels.

Eika Boligkreditt has mandated joint leads for a 10 year and its first green covered bond under its newly established green framework. At the same time, Bank of New Zealand plans a seven year benchmark and Finland's Oma Savings Bank intends to tap its outstanding six year deal.

Dometic Group, the Swedish maker of appliances for boats and camper vans, has successfully completed a Skr3.35bn (€331m) M&A financing.

Sweden’s national debt office announced on Thursday that it will extend its government bond curve to 50 years via a syndication in June.

European banks made the most of an improving tone in the euro market this week, piling on top of one another to access funding in a small but supportive window.

Finnish financial services group Sampo has offloaded €1.37bn of shares in Nordea, the largest bank in the Nordic region, as part of its planned exit from the group.

Sinch, the Swedish cloud-based communications services company, has raised Skr9.4bn (€926m) to fund M&A opportunities following an overnight share sale anchored by major investors.

DLR Kredit is set to tap the market for non-preferred paper as it looks to refinance maturing paper that counts towards its regulatory debt buffer.

Danish software company Trifork is closing the books on its Dkr1.06bn (€140m) IPO on Nasdaq Copenhagen.