Norway

Ice Group, the Norwegian telecoms company, hit the road with a Nkr3bn ($351.4m) Oslo Bors IPO on Tuesday, which it hopes will give it the funds to break the country’s telecoms duopoly.

Kongsberg Gruppen, a Norwegian supplier of technology systems to the offshore oil and gas sector, has finished a Nkr5bn (€513m) rights issue with a healthy level of oversubscription.

Ice Group, a Norwegian provider of wireless telecommunications, has begun pre-marketing for an IPO on the main board of the Oslo Stock Exchange.

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.

Rating: Aaa/AAA

A global equity sell-off mid-week caused some jitters among bankers covering a live Kommunalbanken dollar deal on Wednesday, but the nervousness proved unfounded as the trade came through to acclaim. The deal was typical in a week where SSAs priced tight and with big books despite choppy wider markets.

Kommunalbanken showed “the resilience of the dollar SSA market” as it printed a $1.5bn October 2021 Reg S/144A benchmark around its secondary level amid global market volatility on Thursday, said SSA bankers away from the deal.

SSAs are enjoying strong conditions in dollars, with KfW and the Province of Ontario finding plentiful demand on Wednesday despite bringing deals that on-looking bankers said were “pretty much” in line with secondaries. Kommunalbanken will price a dollar benchmark on Thursday that leads said was following a similar pattern.

SR Boligkreditt issued a €750m seven year with a slim new issue concession showing that the primary covered bond market is still receptive, despite the rates market volatility seen earlier in the week.

Kommunalbanken has delayed its green bond benchmark comeback, following its first Kangaroo issue in the format last month.

Schibsted, the Norwegian media group, has officially kickstarted the process of spinning off its online classified advertising business as an independently listed company, expected in 2019.

Nasdaq Clearing said early on Monday that it had replenished 90% of its member default fund, adding it had “no indication” that a member would shirk on its commitments. The deadline for replenishment is on Monday.