Sweden
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A trio of public sector borrowers are set to spray the short end of the dollar curve with deals on Wednesday, including one making its first visit in over two years, as markets priced in an ever decreasing chance of a rate rise at the next US Federal Open Market Committee meeting later this month. -
Demand for the €500m bond from Swedish property owner Hemso Fastighets on Tuesday confirmed Nordic momentum in the corporate market.
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After another week of a super solid dollar market, public sector bankers are starting to refer to the currency as “darling” — and all the signs suggest that the relationship is set for an extended honeymoon.
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Five banks raised more than $10bn in the senior unsecured dollar market this week, exploiting strong demand and at spreads that were in line with where covered bonds would have priced.
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More than $1.5bn worth of block trades completed within the space of three days this week showed that the summer break in European equity capital markets is well and truly over. The deals included two big Swedish sell-downs by EQT worth more than $500m, and a Sfr539m sale of Straumann Group shares.
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The dollar market is set to remain the “darling” — in the words of one syndicate banker — currency in the coming weeks, after a trio of strong deals on Wednesday.
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EQT Partners has sold a 20% stake in Dometic Group, the Swedish maker of refrigerators and cookers for camper vans, for Skr3.6bn ($424m).
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Another large private equity sell-down in Sweden has stood out in a quiet week so far for primary equity capital raising.
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A trio of issuers on Tuesday mandated for dollar deals across the shorter end of the curve, as underlying US Treasury yields stayed slightly elevated after last Friday’s meeting of central bankers in Jackson Hole.
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The European Investment Bank this week cut the ribbon on the post-summer market for large dollar benchmarks, although there were more than a few nervous glances ahead to this Friday’s Jackson Hole speech by US Federal Reserve chair Janet Yellen.
