Swedbank

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.

Swedish telecommunications company Tele2 has retained all of the original lenders as it refinances a €800m revolving credit facility.

Finnish Stainless steel producer Outokumpu reduced the size of its revolving credit facility and pushed out maturities on other existing loan agreements as part of a wider deleveraging effort.

General Electric has terminated an agreement to sell its appliance business to Swedish household appliance producer Electrolux, toasting bankers' plans to provide bridge financing.

Swedbank printed the tightest fixed rate senior bond in several months this week, but FIG bankers are split on whether banks can be drawn away from covered bond funding next year as bail-in uncertainty continues to dog the asset class.

Swedbank