Sweden
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Skandinaviska Enskilda Banken (SEB) took advantage of buoyant market conditions that followed Wednesday’s US Federal Open Market Committee (FOMC) meeting, quickly attracting an oversubscribed order book for a dollar perpetual non-call five year additional tier one (AT1). At the same time, Caixa Geral mandated leads to roadshow a euro-denominated AT1. -
Rating: Baa3/—/BBB (Additional Tier 1)
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Svensk Exportkredit (SEK) hit screens for a sterling deal on Monday, raising £250m with a one day execution despite the announcement that the Scottish government will seek a second independence referendum.
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Covered bonds issued this week by Axa Bank and Lansforsakringar Hypotek (LF Hyp) were priced at — or inside — fair value, partly reflecting a technical squeeze that was aggravated by the European Central Bank’s move to step up purchases in the secondary market.
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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.
