Sweden

Högkullen, the Swedish social housing company, has cancelled its Stockholm IPO after receiving a bid from Samhällsbyggnadsbolaget (SBB).

The busy equity block trade action in Europe since the US election has continued into its third week, though market participants are beginning to brace for the outcome of the Italian referendum on Sunday.

In a volatile year for European equity capital markets, with issuance down sharply, the Nordic region has been a bright spot, enjoying its second biggest ever year for issuance. Bankers believe that momentum will carry into 2017.

Swedbank became the third non-UK issuer to launch a sterling covered bond since September, when it launched a rare five year on Wednesday. The high number of UK bank sterling redemptions that are unlikely to be refinanced next year suggests sterling investors will be cash rich and receptive to similar supply.

The busy equity block trade action, widely predicted by ECM bankers when the US presidential election produced a bounce in share prices, has continued this week with a string of sales totalling over $1.5bn.

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.

Shares in Dometic Group, the Swedish company that makes fridges and freezers for boats and camper vans, fell 3.6% on Tuesday morning after EQT has sold the last of its shares in the company, through an accelerated bookbuild that was covered in half an hour.

Nordea has appointed its co-head of markets equities Martin Persson head of wholesale banking, effective from Monday

Three corporate issuers pushed deals into a widening primary market on Wednesday with mixed results, as rates volatility kept new issue premiums elevated for borrowers.

The bounce in international equities since the election of Donald Trump as US president was widely expected by market participants to lead to a round of block trades as sellers looked to take advantage of the favourable conditions.

Swedish speciality chemicals group Perstorp priced €1bn-equivalent of high yield bonds on Tuesday, grabbing the attention of investors with triple-C paper against an uncertain backdrop.

Kommuninvest’s senior investor relations manager is expanding his role and will now head the Swedish agency’s sustainability programme.