Sweden
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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.
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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.
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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.
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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.
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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.
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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.
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Swedish smelting and mining company Boliden has signed €1.39bn in loans, although the borrower was initially planning a larger deal, said a banker close to the financing.
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Arla Foods, the unrated Danish dairy cooperative, on Monday printed Skr1bn of notes, with issuance in the Nordic currency still lagging 28% behind last year’s figures.
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This week’s steady run of one equity block trade a night in the European market continued on Thursday with the biggest deal so far, as Bpifrance, the French state investment fund, launched a €500m sale of more than half its holding in Eiffage, the construction and concessions group.
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Stockholm County Council’s third green bond — a September 2021 note — has met with strong demand and sold with a negative new issue premium. Région Île-de-France is looking to follow suit, selecting four banks for a green bond roadshow.
