Nordics
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Kommuninvest took advantage of the lack of competing SSA supply on Wednesday to price a long three year dollar trade ahead of the US holidays. Meanwhile, Nederlandse Waterschapsbank has appointed banks to arrange investor calls for its annual water bond. -
Ice Group, a Norwegian provider of wireless telecommunications, has begun pre-marketing for an IPO on the main board of the Oslo Stock Exchange.
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A five year covered bond issued by Danske Bank’s Finnish subsidiary on Thursday was the most oversubscribed triple A rated covered bond issued since late August and suggested that recent negative headline risk had barely affected sentiment in euros.
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In an otherwise barren week for block trades, Hansa Medical, the Swedish biotechnology company, raised Skr399.8m of fresh capital to fund product development. The deal also provided an opportunity for Nexttobe AB to sell a portion of its stake in the company.
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Liberbank plans to issue its first covered bond, Danske Bank in Finland is set to issue its first deal in three years and UniCredit Austria has announced a roadshow hot on the heels of a Pfandbrief issued by the German subsidiary.
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The EMEA equity blocks market enjoyed a second night of momentum of Thursday after the results of the US midterm elections kicked off trading this week, with two large transactions being priced.
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Netcompany, the Danish IT service firm, increased the size of a block trade on Wednesday night and then saw the stock trade well in the aftermarket.
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DNB Boligkreditt took the opportunity on Wednesday to pre-fund as the start of next year is expected to be volatile. The DNB Bank subsiduary issued one of the largest five year covered bonds of 2018. Despite its large size, the deal was priced with a tight new issue concession.
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Adform, the Danish advertising technology company, will brave difficult markets to list on Nasdaq Copenhagen this November.
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A quartet of public sector borrowers brought small dollar deals this week that were fine but unspectacular, which SSA bankers said was down to a confluence of factors. There are hopes that with the market likely quiet next week for the US mid-term elections and Federal Open Market Committee meeting, conditions could return to their best for the albeit limited funding windows left in 2018.
