SEB
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Private equity firms have bolstered their high yield footprint in European and Nordic issuance, but yield spreads are also running up, according to SEB this week. -
Sweden’s Modern Times Group (MTG) and its subsidiary Nordic Entertainment Group have agreed a five year revolving credit facility in the run up to the subordinate company being spun off.
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The European Securities and Markets Authority recently fined a clutch of Nordic banks for breaking credit rating regulations. The decision could have implications for the Schuldschein market — where arranging banks issue similar ratings to investors.
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The European Securities and Markets Authority’s (ESMA) decision to fine five Nordic banks last week has raised two questions: just how consistently will rules be applied across Europe, and is it even appropriate that they are?
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The European Securities and Markets Authority on Monday issued fines to five banks from the Nordic region totalling €2.475m, for issuing credit ratings without having gained the necessary approval.
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France sold its first syndicated tap on Tuesday, adding €4bn to its GrOAT line. The sovereign will be followed in the green market by a Danish agency's sophomore offering.
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Sweden’s SSAB has ramped up the size of its euro denominated revolving credit facility to €600m, as the high strength steelmaker becomes the latest beneficiary of the liquidity flooding the loan markets.
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Cloetta, the Swedish confectionery company, has amended and extended its euro and krona loans in an entirely Nordic banking affair, and also launched a commercial paper programme.
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It is a mark of how far the market has come from a barren week at the end of May that not just one, but three deals, totalling €2.75bn, were priced on Friday. The European Central Bank meeting and the expectation of a deal from German pharmaceuticals company Bayer played their part in the issuers’ decisions on timing and the order books justified those choices.
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