Swedbank
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The Nordic loan market is set to enjoy a bumper second quarter of refinancing, with investment grade companies launching chunky deals ahead of the summer holidays. -
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Double-B rated issuers WEPA Hygieneprodukte, Europe’s leading privately owned tissue manufacturer, and Barry Callebaut, the Swiss chocolate producer, both followed Volvo’s lead in launching bonds on Monday, helping to keep a stuttering primary market active.
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LBBW, OP Mortgage Bank and Mortgage Bank of Finland took little time to sell their benchmark euro deals this week.
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Sweden's largest oil refiner, Corral Petroleum Holdings, sold on Friday €625m-equivalent of payment-in-kind toggle notes after dropping dollars for Swedish kronor.
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Two single-B credits launched in the European high yield market this week — Cirsa and Preem — taking April's tally to four. Only six single-B deals of at least €100m have been priced so far this year, with some observers expecting the stream to continue.
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Preem, Sweden’s largest oil refiner, is marketing $700m of senior secured five year non-call three PIK toggle notes at numerous investor meetings throughout this week.
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Songa Offshore, the Norwegian oil drilling company that is going through a distressed debt restructuring, completed on Thursday its raising of new money with a convertible bond, getting the maximum size of $125m.
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Songa Offshore, the Norwegian oil drilling company, has made a strong start to its attempt to raise $125m of new money with a convertible bond, as part of a distressed debt restructuring.
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Swedbank kicked off what could be a wave of FIG floating rate notes priced above par this week, protecting issuers from a negative quarterly Euribor rate that the European Central Bank could force even lower next week.
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Swedbank was set to price a three year floating rate note well above par on Thursday, potentially limiting demand but showing the way for other borrowers in a era of negative rates.
