Sweden
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Swedish Export Credit Corporation on Thursday added another cracking deal to a super strong week for dollar issuance, as FMS Wertmanagement lined up to take benchmark supply in the currency into Friday.
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Apax Europe has sold its last remaining shares in Capio, the Swedish private healthcare group, for Skr660m (€70m).
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Swedbank launched a new five year on the back of ‘extraordinarily tight’ secondary levels on Friday, taking advantage of strong dynamics in the preferred senior market and a remarkable year for Swedish debt.
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The Swedish National Debt Office (SNDO) promoted non-preferred debt as a way for Swedish banks to meet the minimum requirement for own funds and eligible liabilities (MREL) on Thursday, establishing a favourable method for calculating the requirement and a manageable timeline for its implementation.
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Bravissima Holding, an investment vehicle controlled by Bain Capital, has hired Deutsche Bank and Nordea to sell a 12.1% stake in Bravida, the Swedish heating, plumbing and electrical installation company, through an accelerated bookbuild launched after the market close on Wednesday.
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Nordic Capital has completed the first selldown of shares in Resurs Holding, the Swedish retail finance company, since its IPO in April 2016.
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Shares in Eltel, the Swedish intranet company, jumped 14% on Tuesday after it announced its 2016 results, the sale of non-core assets, the revision of its debt covenants, and a rights issue to finance its restructuring and return to profitability.
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Investors piled into a €1bn dual tranche transaction from telecoms company Ericsson on Monday even after the issuer dragged pricing in by around 35bp, in an execution that bankers say highlights how tough it has become for syndicates to derive fair value.
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Svenska Handelsbanken built a solid order book for a tightly priced senior bond on Monday, suggesting there is still appetite for the asset class as spreads tighter.
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EQT has completed the first selldown of stock in AcadeMedia, the Swedish schools group, since its IPO in June.
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Fewer investors than is normal bought Stadshypotek’s seven year covered bond on Tuesday. However, although the deal had virtually no new issue concession, it was nevertheless well subscribed.