Nordics

The financial institutions bond market in euros was on hold on Tuesday, as European issuers saw no reason to rush into doing deals while global equities were selling off and interest rates were being buffeted by expectations of inflation.

KommuneKredit made a strong return to the sterling market on Friday with its biggest ever single offering in currency.

Nordea made a rare entry into the euro tier two market on Monday, taking advantage of strong issuance conditions to steer its pricing in close to fair value.

DNB Boligkreditt and Sparebank 1 Boligkreditt (Spabol) issued deals flat to their curves with strong demand this week, while Bawag brought the first Austrian transaction through mid-swaps in almost three years.

Sparebank 1 Boligkreditt (Spabol) priced a €1bn 10 year Norwegian covered bond flat to fair value on Thursday with demand of more than €2bn, showing, once again, the effect of investor demand in an environment of unprecedented negative net supply.

DNB Boligkreditt issued a €1bn seven year covered bond at flat to fair value with strong demand on Wednesday, providing encouragement for Sparebank 1 Boligkreddit (Spabol) which mandated leads for a follow-on 10 year Norwegian covered bond.

This week's scorecard looks at the progress Nordic agencies have made in their funding programmes in early May.

DNB Boligkreditt took advantage of strong market conditions to mandate leads for its second covered bond of the year on Tuesday.

Danish software company Trifork has announced its intention to float on Nasdaq Copenhagen, having attracted large commitments for stock from cornerstone investors.

Swedish property website Hemnet has succeeded in a difficult IPO market, its shares rising 50% on its first day of trading in Stockholm.

Solidium, the organisation that manages the investments of the Finnish government, has reduced its stake in SSAB after the steel maker reported a strong set of first quarter earnings.

Equity investors showed they were stepping up in numbers to invest in primary growth capital raises across Europe after Elkem, the Norwegian silicone manufacturer, raised $228m-equivalent and Greek bank Piraeus completed a €1.38bn raise to help clean up its non-performing loan book.