Nordics

The Swedish cosmetics company Oriflame is attempting to charm high yield investors with a €775m bond — but left lead Goldman Sachs is also pitching the issue to emerging market-focused accounts, highlighting the company's extensive business in Asia and Turkey. The founding family of the firm will use the bond to refinance bridge facilities which funded their buyout of the company earlier this year.

Loxam, the French supplier of industrial rental equipment, printed €1.15bn senior secured notes and €250m of subordinated notes this week, risking a future rating downgrade as it loads up more debt to finance its biggest ever acquisition.

Kommunalbanken is planning to make a return to the public green bond market for the first time since 2016 later this year.

The Swedish government has instructed the country’s national debt office to develop a green framework before issuance in the format by next year as part of its sustainable development strategy.

Iceland’s Landsvirkjun has signed a $150m-equivalent revolver, with the state owned energy company the latest borrower to refinance bank debt with a sustainability-linked facility.

Swedish agency Kommuninvest has said that it will issue more green bonds than previously expected, alongside a rise in its funding needs for 2019.

Rating: Aa1/AA+

Municipality Finance is looking to publish its social bond framework this year ahead of a debut bond in the format, as it looks to extend its offering of socially responsible bonds.

Handelsbanken has appointed Juha Mustonen as its new head of debt capital markets for Finland. He will work with Finnish loan and bond clients.

Austrian agency Asfinag won a big order book on Tuesday, allowing it to price 3bp tighter than guidance, in a 10 year tenor the issuer hasn't accessed since 2009. Municipality Finance and the German federal state of Lower Saxony will add to the euro SSA supply on Wednesday with a 10 year green bond and a seven year benchmark, respectively.

This week's scorecard looks at the progress Nordic agencies have made at the end of June.

With the quarter’s end approaching and the G20 meeting starting on Friday, the primary market saw a busy period across all asset classes on Monday, as issuers rushed to frontload supply while Skandinaviska Enskilda Banken (SEB), Nykredit Realkredit and Société Générale lined up for deals in euros.