Sweden

Geely’s delay of the Volvo Cars IPO this week, in light of trade tensions between the US and China, will leave a large hole in this autumn’s pipeline.

Swedbank returned to the euro market for a new tier two bond on Tuesday, more than a year after setting a record tight for spreads in the asset class.

Nordic equity capital markets investors had several deals to look at on Tuesday night, with two deals contributing over €587m of issuance in Nordic ECM.

A day after Swedish bearings and seals manufacturer SKF announced a tender offer for its outstanding short dated bonds, it sold a €300m seven year bond to finance the buy-back.

Svenska Handelsbanken was in the market on Tuesday, setting final terms for €750m of tier two capital. It was the first bank to issue subordinated notes in euros since June.

Sunstone Capital, the Danish venture capital firm, sold its final stake in Swedish e-commerce firm Boozt on Wednesday, its third sale of shares since the firm’s IPO in May 2017.

Sweden’s Modern Times Group (MTG) and its subsidiary Nordic Entertainment Group have agreed a five year revolving credit facility in the run up to the subordinate company being spun off.

Sweden has become the latest European country to announce a rise in the level of the countercyclical buffer rate for its banks, citing a recent surge in risk taking.

A pair of European agencies have increased their funding target ranges for 2018 as they prepare for the second half of the year.

Stadshypotek issued a €1bn seven year on Wednesday marginally wider than where DNB Boligkreditt recently issued its much larger green inaugural deal in the same tenor. It followed a €500m five year from Sparebank Vest Boligkreditt.

Sweden’s SSAB has ramped up the size of its euro denominated revolving credit facility to €600m, as the high strength steelmaker becomes the latest beneficiary of the liquidity flooding the loan markets.

It is a mark of how far the market has come from a barren week at the end of May that not just one, but three deals, totalling €2.75bn, were priced on Friday. The European Central Bank meeting and the expectation of a deal from German pharmaceuticals company Bayer played their part in the issuers’ decisions on timing and the order books justified those choices.