Nordics

Tryg, the Danish insurance company, received a 99.7% take-up for its rights issue which closed this week. The deal will fund the acquisition of insurance group RSA’s Nordic operations.

Trustpilot, the Danish online review site, has rocketed in trading on its first day as a public company on the London Stock Exchange. Sources close to the trade were patting themselves on the back on Tuesday as they observed the day one performance and reflected on the calibre of the book.

Swedish banks will have to maintain a countercyclical capital buffer worth 2% of their risk-weighted assets during normal times, according to new guidance from the nation’s Financial Supervisory Authority this week.

Embracer Group, the Swedish video games developer, has placed Skr7.6bn ($900m) of new shares with investors to finance its ongoing growth.

Všeobecná úverova banka (VUB) issued a €500m five year covered bond on Wednesday at the tightest spread for any issuer from Slovakia. At the same time the Mortgage Society of Finland issued a sub-benchmark sized 10 year at close to fair value. The resounding outcomes for both deals partly reflected the generous spreads on offer. At the same time OP Mortgage Bank has announced plans to issue its debut green covered bond.

Iceland is putting the finishing touches to a sustainable bond framework that will allow it to issue a variety of bonds with socially responsible labels. If the sovereign decides to proceed with the plan, a debut deal in the format could arrive this summer.

Cellink, the Swedish developer of 3D printing equipment for living cells, rose in trading on Friday morning after the company completed a Skr3bn ($350m) sale of new shares and convertible bonds to finance its acquisition of MatTek Corporation in the United States.

Swedish pharmaceutical company Oncopeptides has placed Skr1.1bn ($132m) of new shares to finance the commercialisation of its lead product candidate in the United States, and the development of other treatments.

Swedbank got stuck at initial price thoughts for a $750m three year preferred senior bond in the dollar market this week, having been forced to drop a longer dated leg from its offering.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 8. The source for secondary trading levels is ICE Data Services.

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

Swedish Export Credit Corporation on Thursday became sold the third three year dollar deal by a public sector borrower in as many days, showing ample demand for the short end of the dollar curve.