Nordics

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.

The Swedish Financial Supervisory Authority (FSA) said on Wednesday that it would be "reasonable" for some profitable banks to go back to paying dividends from next year, so long as the economy recovers from pandemic restrictions.

Finnish financial services group Sampo has begun cutting its stake in Nordea, one of the Nordic region’s biggest banks, following pressure from Elliott International, the activist hedge fund, to simplify its business.

OP Mortgage Bank is set to become the first bank in Finland to issue a covered bond secured on energy efficient mortgages after announcing a green covered bond framework. The prospective deal follows a growing crowd and comes after a string of debut covered bonds with an environmental, social or governance theme issued this year.