* TDC and Gjensidige offerings see good investor demand
* Defy renewed wave of European stock market volatility
* AFI Europe becomes the week's fourth victim of turbulence
(Adds TDC, AFI Europe, quotes, detail, background)
By Kylie MacLellan and Gwladys Fouche
LONDON/OSLO, Dec 2 (Reuters) - Two Nordic share offerings have so far attracted robust demand, in defiance of volatile European stock markets as investors plump for Scandinavian reliability over euro zone turbulence.
Norwegian insurer Gjensidige said on Thursday its $2.1 billion initial public offering (IPO) was oversubscribed with a week still to go, while a $2.4 billion share sale by Denmark's TDC was also covered on the first day of bookbuilding, two sources said.
The offerings coincide with renewed market turbulence brought on by the Irish debt crisis, which has already forced the delay or cancellation this week of several planned European listings.
On Thursday, Israeli real estate developer Africa Israel Properties became this week's fourth victim of the market volatility, when it pulled a planned Warsaw listing of its AFI Europe unit.
But those close to the Scandinavian deals say investors are attracted by TDC and Gjensidige's separation from the euro zone.
"It is all about differentiating on a country basis between sovereign risk, and any time that you get volatility and nervousness that trade continues to play out," said a source close to one of the deals.
"They (TDC and Gjensidige) are in countries that people like and they are offering real yield that people like, so it is kind of a sweet spot."
They are expected to be the last big offerings of the year as the IPO market winds down ahead of the Christmas break.
ON A NORDIC ROLL
Gjensidige's investor roadshow heads to the U.S. on Thursday, and it remains to be seen whether investors there will make the same distinction between European countries, the source said, or whether they will be reluctant to plough money in to the region as a whole while sovereign debt worries persist.
Mutually-owned Gjensidige has set a price range of 54 to 64 Norwegian crowns ($8.77-$10.40) per share in its offering, which is due to close Dec. 9 and could become Norway's biggest IPO since 2001.
The Gjensidige Foundation, which owns the group, has said it would sell 25-40 percent of its 500 million shares in the IPO.
Order books on telecoms group TDC's offering are due to close a day earlier than Gjensidige, on Dec. 8.
TDC's offering is not a flotation since TDC already has a listing, but it has been handled like an IPO as the firm's stock has been largely illiquid since a leveraged buyout five years ago.
TDC's private equity owners -- Apax Partners, Blackstone Group, Kohlberg Kravis Roberts, Permira Advisers and Providence Equity Partners -- plan to sell a quarter of the company in a deal that will effectively relaunch TDC on the Copenhagen bourse.
"The books are covered," a source close to the deal said of the sale, which is set to be Europe's third-biggest public stock offering this year. "The book has been open for a day so that is a very positive sign."
The owners, who hold some 88 percent of the stock, are selling at least 210 million shares in the offering and have set an indicative price range of 47-56 crowns per share. (Reporting by Oslo newsroom and Kylie MacLellan in London, Writing by Kylie MacLellan. Editing by Jane Merriman) ($1=6.154 Norwegian Crown) ($1=5.692 Danish Crown)