Swedbank

LBBW, OP Mortgage Bank and Mortgage Bank of Finland took little time to sell their benchmark euro deals this week.

Sweden's largest oil refiner, Corral Petroleum Holdings, sold on Friday €625m-equivalent of payment-in-kind toggle notes after dropping dollars for Swedish kronor.

Two single-B credits launched in the European high yield market this week — Cirsa and Preem — taking April's tally to four. Only six single-B deals of at least €100m have been priced so far this year, with some observers expecting the stream to continue.

Preem, Sweden’s largest oil refiner, is marketing $700m of senior secured five year non-call three PIK toggle notes at numerous investor meetings throughout this week.

Songa Offshore, the Norwegian oil drilling company that is going through a distressed debt restructuring, completed on Thursday its raising of new money with a convertible bond, getting the maximum size of $125m.

Songa Offshore, the Norwegian oil drilling company, has made a strong start to its attempt to raise $125m of new money with a convertible bond, as part of a distressed debt restructuring.

Swedbank kicked off what could be a wave of FIG floating rate notes priced above par this week, protecting issuers from a negative quarterly Euribor rate that the European Central Bank could force even lower next week.

Swedbank

Swedbank was set to price a three year floating rate note well above par on Thursday, potentially limiting demand but showing the way for other borrowers in a era of negative rates.

Sanoma, the Finland headquartered media and publishing company, has retained support from its relationship banks in a €500m refinancing deal. But two banks did not return, as the group sought to slim down its syndicate.

Swedbank and SEB this week launched deals that attracted the largest order books and the widest distribution of any covered bonds issued this year, along with the smallest concessions.

FIG borrowers were encouraged by the reopening of Europe's corporate bond primary market this week, suggesting euro senior supply could return in spite of the weak market backdrop.