Sweden

The IPO of Ahlsell, the Nordic distributor of plumbing and electrical products, got covered at its maximum size within 24 hours of the launch of its bookbuild on Tuesday afternoon.

Despite an IPO market strewn with casualties, three of the largest European IPOs of the year are progressing through bookbuild.

Nets, the Nordic payment processing group whose shares have fallen 13% since their IPO three weeks ago, has reassured shareholders that it will not suffer materially from Nordea’s decision to change its mobile payments joint venture in Denmark and Norway.

A flurry of follow-on equity sales this week, mostly block trades, showed that investors still want stock, sometimes at tight discounts, even while three IPOs had to be abandoned.

The European Stability Mechanism is close to deciding on the format its first dollar benchmark will be printed in, while a deal due this Friday could open up to longer dated tenors what has already been an extremely strong dollar market in the three year part of the curve.

Export Development Canada will on Friday join a rampant dollar benchmark market and could open end up giving issuers more options after choosing a more daring maturity than those executed in the last few weeks.

Norway’s top spot in Nordic high yield annual primary issuance has historically been invulnerable. But with most borrowers linked to the energy sector and oil prices struggling to recover, its reign may be about to change this year.

Sweden on Thursday will bring the second three year dollar benchmark of the week, after a deal on Wednesday in the same tenor from KfW that was the biggest trade in the currency since July.

Swedish financial services firm Lindorff has signed €225m in loans to fund its non-performing loans business and to reduce the group's reliance on its revolving credit facility.

Misys, the UK banking software company owned by Vista Capital Partners, will make its return to the London Stock Exchange via an IPO in early November, the company said in an intention-to-float document on Thursday morning.

The revival of convertible bond issuance by the traditional issuer base of smaller, riskier companies continued at the end of last week with contrasting deals by Ship Finance International and Recipharm.

Kommuninvest has selected banks for a bond expected to break the size record for green bonds denominated in Swedish krona.