Denmark

Guarantor: All Danish municipalities and regions

Kommunekredit, Kommunalbanken (KBN) and World Bank hit screens for dollar deals on Monday, as bankers said that this week offers a decent window for issuance in the US currency.

Trustpilot, the Danish independent review platform, has completed its series E equity funding round, raising $55m to finance investment in marketing and its technology platform.

Lars Jebjerg, executive vice president and chief financial officer of Danish Ship Finance, which is marketing its inaugural covered bond, talks to GlobalCapital about the bank’s distinctive business model, which has delivered stability amid the notorious volatility in underlying assets, which has sunk many lenders.

Jyske Realkredits sold a six year covered bond at a level that was flat to its existing curve on Tuesday, with an subscription ratio that was higher than any other Danish euro covered bond ever issued.

Danske Bank has turned to the Norwegian krone market to raise non-preferred senior debt, following closely behind a recent transaction in euros.

Jyske Realkredit has mandated leads for the first Danish covered bond of the year. The transaction joins the pipeline alongside two other sub-benchmark deals, this time from Finnish lenders.

Danish Ship Finance plans to go on the road before issuing its debut euro covered bond.

FSN Capital, the Northern European private equity firm, sold its remaining 6.23% stake in Danish IT services firm Netcompany, after market close with no need to offer a discount to investors.

Investors flocked to Nordic and Canadian covered bonds issued this week by DNB Boligkreditt, Bank of Nova Scotia (BNS) and National Bank of Canada, perhaps reflecting a view that their spreads are well positioned to withstand the European Central Bank’s withdrawal from covered bond market.

Danske Bank is waiting until activist investor Bill Browder gives a press conference before deciding whether to proceed with the sale of a senior non-preferred bond. News of the conference derailed the deal on Wednesday, after final terms and a $3bn size had already been set.

Danish logistics company Maersk opted to please all of its investors who tendered bonds as part of the company’s recent liability management exercise when it announced on Tuesday that it had increased the total amount it would buy back.