Denmark

The cloud which has lingered over the European IPO market since Easter, has abated slightly this week as a number of deals progressed quickly during bookbuilding. Two in particular have outperformed the rest of the market.

Netcompany, the Danish IT services firm listing in Copenhagen, has set a range of Dkr135-Dkr165 on its IPO, valuing the company at just over Dkr6.57bn (€906m) at the bottom of that range.

Telecoms company TDC fired the opening shot of a multi-billion funding package for its leveraged buyout this week, with some investors showing mixed feelings about such deals.

Two Scandinavian technology IPOs are gaining traction among investors after launching last week.

Sydbank is preparing to sell its first additional tier one bond in the euro market, complementing plans to optimise its capital structure via share buy-backs.

The Danish Financial Supervisory Authority (FSA) has raised Danske Bank’s capital requirements by Dkr5bn ($810m) after concluding that the bank’s management has not done enough to combat money laundering at its Estonian branch.

KommuneKredit took a novel approach to its sterling issuance on Tuesday, adding a switch operation to print its largest ever new issue in the currency. Bankers believe other issuers may use the tactic. Meanwhile, Bank Nederlandse Gemeenten (BNG) received less interest in a sterling trade of its own.

KommuneKredit took a novel approach to its sterling issuance on Tuesday, adding a switch operation to print its largest ever new issue in the currency. Bankers believe other issuers may use the tactic.

Guarantor: All Danish municipalities and regions

Since Danish transport and logistics company AP Møller-Maersk last visited the bond market, both Standard & Poor’s and Moody’s have downgraded its ratings and put them on negative watch. However, it has still managed to issue its longest maturity deal so far in euros, alongside a tender offer.

Kommunekredit has printed a €1bn five year note — but two more SSA borrowers are lining up further out in the curve.

Since Danish transport and logistics company AP Møller-Maersk last visited the bond market, both Standard & Poor’s and Moody’s have downgraded its ratings and put them on negative watch. However, it still managed to issue its longest maturity deal so far in euros, alongside a tender offer.