Sweden

The Swedish covered bond law requiring issuers to hold a minimum overcollateralization ratio of 2% is expected to come into force on June 21.

Shares in AcadeMedia, which claims to be the largest education company in Europe, soared on Wednesday in heavy trading volume on the first day after its IPO, which a banker said achieved a "record high level of oversubscription".

The Swedish National Debt Office has cut its borrowing needs over the next two years by Skr16.5bn ($1.98bn), including a chop of Skr2bn to its foreign currency bond programme.

Castellum, the Swedish property company, has completed its Skr6.3bn ($758m) rights issue, to partly finance its Skr13.4bn purchase of Norrporten.

Bonava, the Swedish housing developer, has obtained a Skr2.7bn ($325m) loan that backs its listing on the Nasdaq Stockholm exchange.

Recipharm, the Swedish pharmaceutical company, has completed its Skr805m (€86m) rights issue to finance its acquisition of Kemwell’s manufacturing outsourcing businesses in India, Sweden and the US.

The Swedish issuer was lucky to raise €1bn of six year funding on Monday in the context of a weaker credit market, tight overall spreads and ultra-low yields. Bankers do not believe such execution would have been possible had the deal been postponed by even one day.

Augustus International, a vehicle for IK Investment Partners, has sold its 15.3% stake in Attendo, the largest private healthcare company in Scandinavia, through an accelerated bookbuild run by SEB and Carnegie on Thursday night.

The wave of rights issues and capital raisings in the market this summer is so far going smoothly, with good news this week for Banco Popular Español, as its shares and rights perked up in trading.

The swathe of rights issues set to form a big part of Emea equity capital markets activity this side of the summer has moved forward this week, with the conclusion of Dubai Parks and Resorts’ deal and the launch of SSAB’s prospectus.

Monday night’s three equity block trades in Europe all led to decent trading in the stocks on Tuesday. They included CVC’s exit from Evonik Industries – scooped on a sole basis by JP Morgan, though Bank of America Merrill Lynch has worked on most of these deals.

The Swedish firm Hoist Kredit, a subsidiary of Hoist Finance, on Wednesday sold its €250m bond to refinance a mixture of euro and Swedish krona floating rate notes.