Nordics

The IPO of Nordnet, the Swedish digital bank and investment management platform, is due to be priced at Skr96, the midpoint of the initial range, when bookbuilding ends on Monday.

Kommuninvest and the Kingdom of Sweden both took to the market this week, pulling off successful trades in a buoyant market.

Sweden set out on Friday how it will apply the EU’s latest capital rules to its banks. Market participants highlighted that the planned changes would give issuers less headroom over the coupon cancellation threshold for their additional tier ones (AT1s).

NKT, a Danish industrial conglomerate in the power cables industry, has launched a Dkr1.3bn ($208m) rights issue to shore up its financial footing in order to meet orders and to withstand the pressures of the Covid-19 pandemic.

Metso Outotec, the Finnish mining equipment maker, and UK warehouse Reit Tritax Big Box have mandated for corporate bond issues, as the euphoria in the high grade market shows little sign of waning.

Oma Savings Bank attracted exceptionally strong demand for its sub-benchmark covered bond on Wednesday, thanks to the double digit spread pickup it paid compared to deals from compatriot Finnish national champions. Caffil, meanwhile, recently issued an ultra-long private placement and said it plans to print further out the curve.

Stadshypotek on Tuesday became the first Swedish bank to issue a euro benchmark covered bond this year, with its first euro deal secured on Norwegian mortgages. The bond was priced at the tightest spread for any covered bond issued outside the eurozone since May 2019.

Finland’s Oma Saving’s Bank has mandated leads for a covered bond and follows OP Mortgage Bank which last week issued the first Finnish covered bond since January.

Diaverum, the Swedish operator of kidney dialysis clinics, has launched an IPO on the Nasdaq Stockholm.

Swedish digital bank Nordnet has set a price range for its IPO on Nasdaq Stockholm, following a constructive investor education process.

OP Mortgage Bank issued a rare Finnish covered bond on Thursday, pricing the deal flat to where German issuers would have been expected to come, with the sizeable €1.25bn 10 year offering and an alluring pick-up to the issuer’s highly squeezed curve.

The Kingdom of Sweden will come to market on Wednesday for a new 25 year Swedish krona benchmark, coming on the heels of a green bond from the City of Gothenburg.