Denmark

Public sector agencies from the Nordic region are adapting to S&P Global Ratings’ overhaul of its rating methodology. So far, only KommuneKredit has been downgraded under the new rating criteria, but others could suffer similar fates.

Ireland and Denmark have outlined their funding needs for next year, with both sovereigns looking to raise similar amounts to 2018.

Danish logistics company Maersk gave investors something other than political and economic matters to consider this week when it announced a tender offer for its shortest dated euro bonds on Monday. If the current poor tone in the bond markets continues into 2019, this type of exercise could become more prevalent, writes Nigel Owen.

Danish logistics company Maersk gave investors something other than political and economic matter to consider this week when it announced a tender offer for its shortest dated euro bonds on Monday.

Nykredit returned to the euro covered bond market on Thursday to issue its second floating rate transaction. The oversubscription rate was similar to other recent deals, but well below that for its debut deal, when market conditions were much stronger.

The EMEA equity blocks market enjoyed a second night of momentum of Thursday after the results of the US midterm elections kicked off trading this week, with two large transactions being priced.

Netcompany, the Danish IT service firm, increased the size of a block trade on Wednesday night and then saw the stock trade well in the aftermarket.

Adform, the Danish advertising technology company, will brave difficult markets to list on Nasdaq Copenhagen this November.

Denmark’s TDC will use the proceeds of its Get AS sale to slash its debts, with the telecoms company planning to repay $2.3bn-equivalent of loans by the end of this year.

The Danish Financial Supervisory Authority has increased Danske Bank’s capital requirements for a second time following an investigation into money laundering through its branch in Estonia. The scandal-stricken lender said on Thursday that it was ending its share buy-back programme to comply with the new targets.

Sydbank sold its first non-preferred senior deal on Tuesday, leaving it with €500m to raise for its minimum requirement for own funds and eligible liabilities (MREL).

Nordic equity capital markets investors had several deals to look at on Tuesday night, with two deals contributing over €587m of issuance in Nordic ECM.