SEB

BMW formed part of the auto sector’s traditional charge from pole position into the first corners of the corporate bond market on Wednesday, beginning the new year with a dual tranche trade that paid single digit concessions.

Finnish-headquartered property materials firm Caverion Group has signed a €60m unsecured term loan after restructuring in 2016.

DNA, one of Finland’s largest telecommunications companies, closed at €10.10 on its stock exchange debut on Thursday, after pricing its €413m IPO in the lower middle of its range.

Arcus, the Norwegian distiller owned by private equity group Ratos, made its debut on the Nasdaq Oslo on Thursday after its Nkr1.7bn (€196m) IPO that was multiple times covered.

In another sign of the cautious mood gripping the IPO market in Western Europe, Varta AG, the German microbatteries maker, has called off its €150m Frankfurt IPO. Yet the Nordic market continues to show its resilience, as three successful flotations reach their conclusion this week.

The IPO of Arcus, the Norwegian distiller owned by private equity group Ratos, is multiple times covered within its revised price range.

DNA, one of Finland’s largest telecommunications companies, has revised the price range for its Helsinki IPO to the lower middle end of its initial range, having gathered a book two thirds made up of foreign investors.

One of the last two substantial European IPOs of 2016 looks set to be completed on Friday, when RussNeft, one of Russia’s 10 largest oil companies, floats in Moscow for at least $495m.

The momentum in the equity block trade market since the US presidential election has continued this week, with nearly $1.4bn of issuance, as vendors rush to sell assets before the loss of US distribution for the Thanksgiving holiday on Thursday.

Arcus, the Norwegian distiller owned by private equity group Ratos, opened the books for its Nkr1.5bn ($188m) Oslo initial public offering on Monday and was covered at its maximum size by the afternoon.

DNA, one of Finland’s largest telecommunications companies, has begun bookbuilding for its IPO after announcing the terms on Monday evening.

Nordea and SEB have underwritten €760m of loans for the merger of Finnish paper and pulp makers Ahlstrom and Munksjö.