Nordics
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Shares in AcadeMedia, which claims to be the largest education company in Europe, soared on Wednesday in heavy trading volume on the first day after its IPO, which a banker said achieved a "record high level of oversubscription".
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The Swedish National Debt Office has cut its borrowing needs over the next two years by Skr16.5bn ($1.98bn), including a chop of Skr2bn to its foreign currency bond programme. -
The Danish covered bond issuer extended its curve and priced a larger deal well inside where its inaugural five year was issued in March and with a fair oversubscription ratio.
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Castellum, the Swedish property company, has completed its Skr6.3bn ($758m) rights issue, to partly finance its Skr13.4bn purchase of Norrporten.
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An auction this month to settle 2014-form credit default swaps referencing Norske Skog will comprise separate auctions for all four maturity buckets, the International Swaps and Derivatives Association’s EMEA Determinations Committee (DC) has confirmed, but 2003 updated contracts will only be settled in the shortest dated of these auctions.
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Bonava, the Swedish housing developer, has obtained a Skr2.7bn ($325m) loan that backs its listing on the Nasdaq Stockholm exchange.
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Sponda, the Finnish property developer, has signed €600m of unsecured five year syndicated loans to refinance maturing facilities.
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AP Møller-Mærsk, the Danish shipping and oil company, revived its Norwegian krone bond funding on Monday with a three tranche deal that attracted much more demand than expected, growing to Nkr5.2bn (€558m).
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Recipharm, the Swedish pharmaceutical company, has completed its Skr805m (€86m) rights issue to finance its acquisition of Kemwell’s manufacturing outsourcing businesses in India, Sweden and the US.
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The Swedish issuer was lucky to raise €1bn of six year funding on Monday in the context of a weaker credit market, tight overall spreads and ultra-low yields. Bankers do not believe such execution would have been possible had the deal been postponed by even one day.
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Dong Energy’s IPO, the biggest in Europe so far this year, achieved a strong result, both in its bookbuild, which raised Dkr17.1bn ($2.6bn), and on its first day of trading on Thursday, when the shares jumped 10%.
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