Update: Industrivarden steps up Swedish CB show

Industrivarden, the Swedish holding company, raised Eu500m from a convertible bond issue on Tuesday that benefited from a strong bid for investment grade names from outright funds in a repeat of 2010’s market-opening transaction. However, sole bookrunner Morgan Stanley — joined as a joint lead manager by Handeslbanken — took no chances in the execution and pre-marketed to a number of anchor investors on Monday to ensure that the switching dynamics from last year’s, equity-sensitive deal were fully understood.