Norway

A busy December for Nordic equity capital markets continued on Tuesday night with a Nkr2bn ($230m) transaction in Adevinta, the e-commerce and classified advertising company owned by Schibsted Media Group.

Kommunalbanken, the Norwegian funding agency for local governments, is reducing its 2021 funding programme.

Kommunalbanken, the financing agency for Norwegian municipalities, and L–Bank, the development bank for the State of Baden–Württemberg, built well covered order books as they brought what will likely be the SSA market’s final dollar benchmark deals of 2020.

Kommunalbanken and L-Bank will each bring a dollar benchmark to the market on Tuesday, in what could be the final public SSA deals in the currency this year.

This week's scorecard looks at the progress Nordic agencies have made in their 2020 funding programmes at the end of October.

Scatec Solar, the Norwegian solar energy company, raised Nkr4.75bn ($512m) through an equity placing on Tuesday night. The sale was for 15% of the company’s share capital — 5% more than it was allowed to issue through a non-preemptive placing. It made up the balance by borrowing shares from its largest shareholder.

Link Mobility, the Norwegian provider of business to consumer messaging and mobile services, has begun trading on the Oslo Børs following the completion of its Nkr6bn ($650m) IPO.

Link Mobility Group Holding, the Norwegian provider of business to consumer messaging and mobile services, has secured seven cornerstone orders for stock as part of its flotation in Oslo.

DNB Boligkreditt on Thursday issued its first euro covered bond since January 2019 in large size, pricing inside its own curve — once again underscoring the strong technical backdrop to the market.

Norway’s Ministry of Finance has said it will apply tighter mortgage lending standards from next week after temporarily loosening them to support the economy. The move, which was not unexpected in light of the resilient state of the economy and stubbornly high house price inflation, will minimise mortgage defaults.

This week's scorecard looks at the progress Nordic agencies have made in their 2020 funding programmes in mid-September.

Eika Boligkreditt and Sparebanken Vest Boligkreditt issued covered bonds flat or inside their curves this week. But a deal for Sparebank 1 Boligkredit stood out for its green credentials that ensured it received more demand from more investors and achieved a much larger deal size.