Sweden
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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). -
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.
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Hemso Fastighets and Galp Gas Natural Distribuiçao on Thursday mandated banks to issue bonds during the first two weeks of September.
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Handelsbanken sold its entire 6.8% stake in Industrivärden, the Swedish investment company that owns 25% of the bank, for Skr4.49bn ($536m), unwinding the last significant cross-shareholding between Industrivarden and its portfolio of companies.
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Swedish Export Credit Corporation had to boost the size of a deal on Wednesday as investors flocked into its books, adding to a strong run for short dated dollar issuance over the last few weeks.
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The European Investment Bank kicked off post-summer jumbo dollar issuance on Tuesday with a well-received five year deal, as another issuer jumped in with a shorter dated mandate.
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Swedish industrial machinery firm Atlas Copco received eight times the demand required for a €500m 10 year bond on Tuesday, signalling the end of the summer break in the corporate bond market.
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Atlas, the Swedish industrial machinery maker, on Monday launched a €500m 10 year note, the first bond roadshow by a Nordic corporate borrower in three months.
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Pricing rather than size was the focus for public sector borrowers in the dollar market this week, although overly aggressive pricing was not the reason for one issuer having to pull back from bringing a tap issue.
