Sweden
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Leveraged finance markets in Europe are looking up, and bankers expect they may even see some deals priced before long. -
Dollar SSA issuance picked up in earnest this week after a slower than usual start to the year, with a rich variety of borrowers printing deals, some in record size or with record books. Conditions are such that SSA bankers are confident supply will keep coming and demand stay high for the next few weeks — cheering news for one sovereign issuer looking to make a comeback in the currency.
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Public sector borrowers printed over $10bn of bonds on Tuesday in a dollar market that SSA bankers expect to keep its momentum in the weeks ahead.
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SEB has selected a new head of equity capital markets following Artem Kosenko’s move across to debt capital markets.
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CPPIB Capital was comfortably oversubscribed for its $2bn trade on Monday with the dollar SSA market remaining attractive at the short end. Agence Francaise de Developpement, KfW and Kommuninvest will look to tap into lucrative conditions in the currency after mandating banks for deals on Tuesday.
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Swedish markets regulator Finansinspektionen (FI) on Wednesday called for lawmaker-backed resolution plans for clearing houses, in the wake of a default at Nasdaq clearing last September.
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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.
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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.
