Sweden

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.

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.

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).

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.

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.

Volvofinansbank today announced it would meet investors in Stockholm on Monday May 8 to present a framework for its inaugural green bond. The deal will be one of the few green bonds from the automotive sector.

Medicover, the Swedish diagnostic services provider, on Tuesday joined the growing number of European companies seeking to go public before the summer, announcing its intention to float on Nasdaq Stockholm.

A $120.6m borrowing to support an acquisition by Indian company Tata AutoComp Systems was signed this week, with 16 lenders joining the two mandated lead arrangers and bookrunners.

Crédit Agricole issued one of three euro benchmark covered bonds this week, attracting demand that topped the combined interest seen in deals issued by Swedbank and HVB.

Sweden’s Hoist Kredit could test the euro market for a new tier two offering in the coming weeks, as it aims to improve its capital structure through a number of capital markets transactions.

Swedbank took advantage of strong market conditions to issue its second covered bond of the year which was priced with a negligible concession and extended its curve.

Market participants were unimpressed by the European Union's effort at the long end, but the week's other benchmarks fared better.