Nordics

Kaupthing Bank has completed the first selldown of shares in Arion Banki, the Icelandic bank that was rescued during the financial crisis, since its re-IPO last year.

Norway’s DNB Bank on Tuesday broke a record for the tightest pricing in preferred senior format so far this year, finding strong demand for a new transaction, despite market concerns about money laundering among Nordic financial institutions.

Public sector borrowers were able to achieve zero or negative new issue premiums and close books early in the euro market on Tuesday as investors piled into haven assets amid a weaker outlook for global growth.

A strong Swedish market led the City of Stockholm to place its first private trade of the year on Monday. The Skr2.5bn ($268.4m) note was its largest non-syndicated issue since 2012.

Adevinta, the online classified advertising division of Norwegian media group Schibsted, has set the price range for its IPO on the Oslo Børs, which may value the company at up to Nkr55.8bn (€5.8bn) if the deal is priced at the top of the range.

Oma Savings Bank proved popular on its return to the euro covered bond market on Wednesday, allowing it to hit the upper end of its size ambitions and only pay a slim premium to investors.

Oma Savings Bank plans to open order books for a covered bond on Wednesday following an earlier roadshow. The deal comes amid a dearth of covered bond supply this week and a return to negative rates suggesting good scope for ultra-long dated supply.

Norwegian media group Schibsted has launched a spinoff of its classified advertising division, having announced its intention to float on the Oslo Børs.

Guarantor: Swedish local government members

Kommuninvest built out its Swedish krona green curve benchmark this week with its longest dated bond in the format. There is, however, an expectation that this Skr3.5bn ($382.3m) five year green bond could be the curve’s furthest extent.

The unique assets and business model of Danish Ship Finance meant the price discovery process was much more challenging for its first euro covered bond than is typical. However, with a conservative starting spread the issuer reeled investors in for its inaugural euro benchmark on Thursday.

Danmarks Skibskredit has mandated leads for a 3.5 year single A rated Danish covered bond secured on shipping loans.