Norway

A Norwegian trader lost millions on Wednesday in a bad bet on the German and Nordic power markets, putting other members of Nasdaq Clearing on the hook for €107m in losses. The clearing house withstood the test to its capital buffers, but Nasdaq must be clear about what went wrong and what steps need to be taken to maintain confidence in its systems.

Eika Boligkreditt was more than twice subscribed for its no-grow deal on Tuesday, offering German investors a decent pick-up over both Bunds and Aareal Bank, which also came to the market.

Eika Boligkreditt and Aareal Bank are expected to reopen the covered bond market on Tuesday, after announcing post-summer holiday mandates on Monday. Both are looking to complete seven year deals.

A Credit Suisse DCM managing director has quit the bank to join Deloitte.

Kommunalbanken's sterling tap was the sole deal in the public sector market on Tuesday, following a similar transaction by Bank Nederlandse Gemeenten on Monday.

Bank Nederlandse Gemeenten kept the sterling tap running as the sole deal in the primary SSA market on Monday, with a Norwegian agency lining up to follow it on Tuesday.

Ferd Invest sold a stake in Petroleum Geo-Services, the Norwegian company that provides surface imaging to oil and gas exploration companies, on Monday night after the stock rallied due to higher oil prices over the past 12 months.

Norwegian car parts manufacturer Kongsberg Automotive is refinancing loans in the high yield market with a deal that offers investors the biggest double-B coupon seen since April.

Crédit Agricole and Münchener Hypothekenbank (MuHyp) found good demand for their covered bonds on Tuesday, but it was Crédit Agricole’s transaction that really stood out by virtue of its size and maturity, which until now had been viewed with trepidation.

Opera’s planned $115m Nasdaq IPO now has a cryptocurrency angle after Bitmain, a Chinese bitcoin miner, joined the deal as an anchor investor.

Sparebanken Vest Boligkreditt has mandated joint leads for a five year euro benchmark covered bond that will likely launch on Tuesday.

Tuesday’s senior issue from AIB Group struggled to get over the line, and sent a message to the market about waning investor demand for all but the safest bonds.