Nordics

Scatec Solar, the Norwegian solar energy company, raised Nkr4.75bn ($512m) through an equity placing on Tuesday night. The sale was for 15% of the company’s share capital — 5% more than it was allowed to issue through a non-preemptive placing. It made up the balance by borrowing shares from its largest shareholder.

Link Mobility, the Norwegian provider of business to consumer messaging and mobile services, has begun trading on the Oslo Børs following the completion of its Nkr6bn ($650m) IPO.

The Kingdom of Denmark made a rare appearance in dollars on Tuesday, printing $2bn in its first outing outside its domestic market in six years. Its success in the currency has emboldened the World Bank to follow suit.

Canpack, a Poland-based packaging company, is making its debut in the euro and dollar high yield market this week, as it seeks to shake off the constraints of its private placement-based capital structure and prepare for expansion in the US.

Swedish krona SSA volumes are at a record high this year, spurred on by a handful of jumbo supranational deals sold at wider spreads during the second quarter. However, the market has since tightened, and bankers expect it to have a more muted end to 2020.

Crédit Agricole and Nykredit Realkredit were able to push aggressively on pricing in the additional tier one (AT1) market this week, as they took advantage of favourable supply and demand dynamics.

The Single Resolution Board (SRB) will not force all banks to make a linear progression towards their minimum requirements for own funds and eligible liabilities (MREL), in an effort to be more flexible during the Covid-19 pandemic. But financial institutions have still called on the authority this week to do more to prevent MREL from becoming a barrier to lending.

The European Bank for Reconstruction and Development ventured out to raise its largest ever bond linked to the secured overnight financing rate (Sofr) this week in what otherwise a thin week for issuance in dollars.

Sweden hit the dollar market on Tuesday, raising $2.5bn with a two year benchmark in what is likely to be the week’s only SSA dollar supply.

Nykredit Realkredit was set to launch its first additional tier one (AT1) in over five years on Tuesday, tightening its pricing by more than 50bp to close in on a level that looked close to fair value.

Link Mobility Group Holding, the Norwegian provider of business to consumer messaging and mobile services, has secured seven cornerstone orders for stock as part of its flotation in Oslo.

Sweden is preparing to issue a two year dollar bond in what is likely one of the final syndicated deals from eurozone sovereigns this year.