SEB

Air Baltic, an airline 80% owned by the Latvian government, printed its €200m five year non-call three debut bond on Tuesday from an order book of €300m.

Air Baltic, an airline owned by the Latvian government, has released initial price guidance for its €200m five year non-call three debut bond at 6.75%-7%.

The European Securities and Markets Authority (Esma) has had to row back on fines for four Nordic banks for issuing credit ratings, after an appeal board found that the banks had not broken the rules negligently.

A new name hit screens on Tuesday announcing a roadshow. Air Baltic, an airline owned by the Latvian government, will meet with investors to promote a euro deal.

With the quarter’s end approaching and the G20 meeting starting on Friday, the primary market saw a busy period across all asset classes on Monday, as issuers rushed to frontload supply while Skandinaviska Enskilda Banken (SEB), Nykredit Realkredit and Société Générale lined up for deals in euros.

A trio of SSAs made the most of low yields in Danish kroner and Swedish kronor to print paper with coupons hovering around zero this week.

Volkswagen has closed the books on the long-awaited spin-off of its truck division, Traton, at €27 a share, the bottom of the price range. It was a positive result for the company, according to sources speaking to GlobalCapital.

Skandinaviska Enskilda Banken did not have to pay a new issue premium amid favourable market conditions on Monday, after offering investors the chance to buy a new preferred senior bond.

Sweden’s Svenska Cellulosa Aktiebolaget (SCA) has signed credit lines totalling Skr6bn ($638m), though the bulk of facility for the timber, pulp and paper company will remain undrawn.

The rally set off European Central Bank president Mario Draghi's assertion on Tuesday that further quantitative easing was possible, if not probable, had reached a level by Wednesday that astonished bankers. Three investment grade companies took advantage that day with benchmark bond issues, while one brought a tap.

Investors hoovered up two German hybrid capital issues on Tuesday, in a receptive market spurred on by dovish comments from European Central Bank president Mario Draghi. They were of very different stripes: a €1.5bn dual tranche issue from Merck, the pharmaceutical company, which was about 7.5 times covered, and a £400m issue from Aroundtown, the property company.

Renault issued a €1bn bond from its industrial arm on Monday, after a tumultuous few weeks in which the company had negotiated a (for now) abandoned merger offer from Fiat Chrysler Automobiles. The deal came amid a busy flurry of smaller issues.