Denmark

KommuneKredit has printed a no-grow €1bn seven year from an oversubscribed book, becoming the second Nordic agency to do a euro benchmark deal this week.

Three euro benchmarks surfaced on Wednesday including the first from Axa in four years, the first euro benchmark from BRFkredit and a dual tranche deal from Crédit Agricole which, by virtue of its €3.25bn size, is the most notable deal of the year so far. Despite these successes, traders fear the spread tightening run may be close to its end.

Ontario Teachers’ Pension Plan fully exited its stake in ISS, the Danish cleaning firm, through a Dkr2.74bn ($408m) block trade on Monday night, which a lead banker said had attracted strong demand.

KommuneKredit is set to print a seven year euro deal on Wednesday, following a debut euro benchmark from Municipality Finance in the form of a €1bn October 2021 on Tuesday.

Danske issued in a larger size and attracted more orders for its covered bond than Deutsche Bank did for its deal. The outcome was surprising given Deutsche’s rarity and higher quality collateral. But in any case the German issuer did well given that it could have done the deal without any support from the Eurosystem.

Nykredit came one step closer to a listing on the Copenhagen Stock Exchange on Wednesday, as its committee of representatives approved the prospective listing. But investors will have to wait 12-24 months for the deal to hit their screens.

Scandinavian Tobacco, the cigar and pipe tobacco maker, rose 2% when it made its stock market debut on Wednesday, before returning to the level at which its IPO was priced.

Cigar and pipe tobacco manufacturer Scandinavian Tobacco has received enough demand from investors to get its Copenhagen IPO done, but it is not yet covered throughout the price range.

Danske Bank launched its largest ever share buyback on Tuesday, having exceeded its regulatory capital requirements by more than expected.

Cigar and pipe tobacco manufacturer Scandinavian Tobacco has set the price range for its all-secondary IPO at a “very considerable discount” to comparables, according to a banker on the deal.

KommuneKredit

Last year’s difficult dollar conditions looked firmly in the past on Tuesday as a pair of issuers tapped different parts of the curve for big deals — and other issuers readied themselves for trades.