Sweden
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Carl Hagerman is due to leave his role as bond syndicate manager at SEB’s Stockholm office and take up the position of senior originator and team leader on its corporate debt capital markets desk in Germany.
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Swedbank fixed a final spread below 100bp on a new €650m 10.5 year non-call 5.5 on Monday, as issuers in the asset class benefit from supportive market conditions and strong supply dynamics. -
The victory of Emmanuel Macron in France’s presidential election has helped unleash a wave of equity block trades this week, even though the real boost to investor sentiment came after the first round of the election on April 23.
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Volatility late in the week failed to dampen a scorching few days of public sector dollar issuance, auguring well for more expected supply in the currency next week. Four issuers — some of which came this week to avoid other trades pencilled in for next week — were able to price deals at tight levels, with some coming through their curves.
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The SRI bond pipeline for public sector borrowers looks fit to burst, with a string of issuers planning deals and KfW setting a marker with a thumping trade this week.
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Public sector issuers “can do whatever they want” in a rampant dollar market, with investors ploughing into books despite deals pricing close to or flat to their curves.
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Public sector borrowers are rushing back into dollars after a quiet few weeks for the currency, with a trio of issuers taking indications of interest for Wednesday business.
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The largest European high yield bond issue for a year is being prepared as Intrum Justitia and Lindorff, two Nordic debt collectors, ready to complete a merger.
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Munters, the Swedish maker of air conditioning systems, has set the terms for its IPO on the Nasdaq Stockholm, which, if completed, will value it at Skr10.1bn (€1.05bn).
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Volvofinans Bank is preparing to issue Europe’s second green bond from the automotive sector. While the deal is already attracting interest from investors, its use to finance hybrid and electric cars may not tick the green box for all investors.
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Telia, the Nordic telecoms group, came to market on Wednesday night with a large block trade in Turkcell, the Turkish firm in which it owned 38% directly and indirectly.
