Sweden

Kommuninvest is planning the largest ever green bond in Swedish kronor for Q3 2016, while the Nordic Investment Bank is also considering Nordic currencies for its green paper.

Swedish firm AR Packaging this week began marketing €240m of loans to fund its acquisition by CVC Partners from Ahlstrom Capital and Accent Equity.

SSAB, the Swedish steel company, announced on Wednesday morning that its Skr5bn (€536m) seven-for-eight rights issue, led by Crédit Agricole, Handelsbanken, Nordea and Swedbank, had been oversubscribed by 38%.

This week's scorecard looks at the progress of Nordic agencies through their 2016 funding programmes.

Stadshypotek was lucky to raise €1bn of six year funding at 3bp over mid-swaps on Monday, a feat that leads said would not have been possible on Tuesday as markets deteriorated.

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.