Nordics

An infrequent Swedish corporate issuer, a Nordic bank, and a German car manufacturer all placed floaters larger than Skr1bn ($106m) in the last week. Swedish krona bonds have been popular with both public and private issuers in recent weeks, as both issuers and investors rush to get business done before the traditional midsummer market closure.

BAWAG, SP Mortgage Bank and Tatra banka have all set their sights on the euro covered bond market, mandating for deals across the maturity spectrum.

Oberbank sold a senior bond in euros on Wednesday, following in the footsteps of NatWest Markets, Luminor Bank and Svenska Handelsbanken, which on Tuesday also issued senior deals. NatWest attracted the largest order book for its floating rate notes.

Euro and dollar benchmarks issued by Nordea, Lloyds, Korea Housing Finance Corporation (KHFC) and SMBC on Tuesday was a fillip for covered bond market participants suffering through volatile credit market conditions that have caused price expectations to fall.

Shares in Marel, the Icelandic meat processing machinery maker, rose by more than 8% on its first morning of trading in Amsterdam after a popular IPO which attracted a broad range of investors, including environmental, social and governance funds.

Nordic Capital sold its last shares in Resurs Holding, the Swedish retail finance company, on Tuesday night, ending its investment in a firm it took to market in 2016.

The Swedish city of Gothenburg returned to the bond market for its second public deal of the year this week. Swedish krona bonds have proven popular in recent weeks, as both domestic and European issuers have placed deals in the currency.

Iceland plans to defrost its euro curve with a new syndicated issue, its first since December 2017.

Finnish local government lender Municipality Finance has appointed its first chief economist. The creation of the role responds to new guidance from the European Central Bank for MuniFin to have a better outlook on the market.

Ulf Erlandsson, the well known green bond investor, and Knut Kjaer, founding CEO of the $1tr Norwegian oil fund, are exploring starting a new investment strategy called Diem Green Credit.

The €350m listing in Amsterdam of Marel, the Icelandic meat processing machinery maker, is covered on the second day of bookbuilding, having gained early momentum partly by attracting two cornerstone orders.

Marel, the Icelandic meat processing machinery company, has secured cornerstone orders from BlackRock and Credit Suisse Asset Management for its €350m IPO on Euronext Amsterdam.