Nordics

Morgan Stanley managing director Tobias Åkermark is leaving the US firm to become head of Nordic banking and country CEO for Sweden at Barclays.

Denmark’s Systemic Risk Council is calling on the government to reactivate countercyclical capital buffer (CCyB) requirements for banks, as the country's economic recovery gathers pace and risks begin to build up in the residential mortgage market.

Sweden became the latest European sovereign to access the ultra-long end of the curve this week as it launched its first 50 year bond, opening up the long end of the krona curve for other highly rated names.

Íslandsbanki, the Icelandic bank nationalised during the financial crisis, was finishing its flotation on the Nasdaq Iceland on a strong note on Monday, pricing the IPO at the top of the price range.

Alm Brand, the Danish insurer, has agreed to acquire RSA Insurance Group's Danish business Codan, for Dkr12.6bn (€1.69bn) in cash.

Covered bonds issued this week by SCBC and Bank of New Zealand were thinly oversubscribed and illustrated that investors are still sensitive to price, albeit that demand was good for a small green debut from Eika Boligkreditt and a tap from Oma Savings Bank.

Bank of Montreal is seeking investor consent to switch from referencing Libor to Sonia on its sterling covered bond, following similar moves from other borrowers. Different calculation methods are emerging for the transition.

Eika Boligkreditt and Oma Savings Bank found good demand for their covered bonds sold on Tuesday with small deal sizes, environmental appeal and European Central Bank providing a boost. Even so, syndicate bankers were not convinced the market was back to full health.

Íslandsbanki, the Icelandic bank nationalised during the financial crisis, has secured several cornerstone investors for its flotation on the Nasdaq Iceland.

Swedish Covered Bond Corporation’s (SCBC) benchmark eight year deal, syndicated on Monday, was slow to build and, even though the final spread looked fine, the process clearly showed that investors are reticent to buy deals at prevailing levels.

Eika Boligkreditt has mandated joint leads for a 10 year and its first green covered bond under its newly established green framework. At the same time, Bank of New Zealand plans a seven year benchmark and Finland's Oma Savings Bank intends to tap its outstanding six year deal.

Dometic Group, the Swedish maker of appliances for boats and camper vans, has successfully completed a Skr3.35bn (€331m) M&A financing.