Sweden
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Sweden’s Modern Times Group has signed more bank funding related to spinning off Nordic Entertainment, as the media company’s talks with PPF to sell its Bulgarian business were scuppered after falling foul of regulators. -
Swedish aerospace and defence company Saab has finished its Skr6bn (€581m) rights issue with enough demand to almost cover the deal twice over.
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Public sector agencies from the Nordic region are adapting to S&P Global Ratings’ overhaul of its rating methodology. So far, only KommuneKredit has been downgraded under the new rating criteria, but others could suffer similar fates.
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Kommuninvest received a strong score from BondMarker voters for its final dollar benchmark of the year.
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Kommuninvest has expanded its group of market makers for its Swedish benchmark programme, as the agency forecast a lower funding target for next year than 2018.
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The final two weeks of bookbuilding for the Skr632m (€61m) listing of Q-linea, the Swedish medical technology company, have begun on a positive note, after the firm announced that it had secured cornerstone interest for over 10% of the transaction.
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Kommuninvest was the sole dollar benchmark in the public sector market this week, getting in just a day ahead of Thanksgiving to reach its 2018 funding target. Dollar SSA supply is likely to be limited for the rest of the year, but there is room for "opportunistic" trades at the short end, according to bankers.
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Kommuninvest took advantage of the lack of competing SSA supply on Wednesday to price a long three year dollar trade ahead of the US holidays. Meanwhile, Nederlandse Waterschapsbank has appointed banks to arrange investor calls for its annual water bond.
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In an otherwise barren week for block trades, Hansa Medical, the Swedish biotechnology company, raised Skr399.8m of fresh capital to fund product development. The deal also provided an opportunity for Nexttobe AB to sell a portion of its stake in the company.
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A quartet of public sector borrowers brought small dollar deals this week that were fine but unspectacular, which SSA bankers said was down to a confluence of factors. There are hopes that with the market likely quiet next week for the US mid-term elections and Federal Open Market Committee meeting, conditions could return to their best for the albeit limited funding windows left in 2018.
