Nordics
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The Depository Trust & Clearing Corp has agreed a deal to provide post-trade infrastructure services to enable SEB, the Swedish banking group, to meet its obligations under the Securities Financing Transactions Regulation. -
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Both Kommunalbanken (KBN) and the International Finance Corporation (IFC) came to the Kangaroo market this week. A need for long dated Australian dollar paper from Japanese investors drove the deals.
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A Sk1.8bn (€102.1m) trade in Loomis, the Swedish cash handling company, on Monday night led to a structural change in the company’s shares, with the firm no longer having a dual class share structure.
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Norwegian Air Shuttle, the Norwegian airline, has priced its heavily discounted Nkr3bn (€308m) rights issue receiving a high take-up from shareholders, despite safety concerns over some of its fleet and heavy shorting of the stock.
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Kommunekredit, Kommunalbanken (KBN) and World Bank hit screens for dollar deals on Monday, as bankers said that this week offers a decent window for issuance in the US currency.
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Nordea managed to raise €1.5bn of seven year funding at 4bp over mid-swaps on Monday — the tightest spread of any covered bond issued this year, other than in Germany. But subscription ratios for core covered bonds are falling and some key investors are lowering their orders.
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Taps in Oceanic currencies flowed freely this week as two supranationals raised funds in the Kangaroo and Kauri markets.
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Trustpilot, the Danish independent review platform, has completed its series E equity funding round, raising $55m to finance investment in marketing and its technology platform.
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Finland is unlikely to join the growing band of sovereign green bond issuers, after the head of its treasury’s finance division said that adding the format to its funding mix “would not help the liquidity of our nominal benchmark bonds”.
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Lars Jebjerg, executive vice president and chief financial officer of Danish Ship Finance, which is marketing its inaugural covered bond, talks to GlobalCapital about the bank’s distinctive business model, which has delivered stability amid the notorious volatility in underlying assets, which has sunk many lenders.
