Sweden
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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. -
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.
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Budget airline Ryanair slipped into the market to print a €750m August 2023 bond on Wednesday, taking advantage of an almost clear run as many issuers are still on earnings reporting blackouts. Meanwhile, two other corporate credits are about to meet investors.
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BC Partners has sold 13.2% of Com Hem, the Swedish provider of cable television, broadband and telephone services, for Skr2.3bn ($275m), through an accelerated bookbuild launched on Monday night.
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Sweden’s Molnlycke got in early this week with a €500m eight year trade, as bond bankers said that the euro market is ready to ramp up again in the coming days.
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Shares in Diös Fastigheter, the Swedish property company, closed 4.5% higher on Thursday after it completed its Skr1.85bn ($209m) rights issue to partly finance the acquisition of a portfolio of mainly commercial and retail properties from Castellum in cities in northern Sweden.
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Investor AB, a Swedish industrial holding company, has signed a new five year plus one plus one revolving credit facility for a capped size of Skr10bn ($1.13bn).
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A $120.6m borrowing to support a recent acquisition by Indian company Tata AutoComp Systems has launched into general syndication.
