Swedbank
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Norwegian renewable power company E-Co Energi brought in two new banks to its latest Nkr1.5bn (€160.6m) refinancing, and saw two leave the syndicate. -
Swedbank has made a number of changes in its investment bank group as well as its large corporates and financial institutions (LC&I) division.
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Sandvik, one of the last Nordic borrowers to refinance as the regional holidays kick off, this week signed a Skr9bn-equivalent credit facility with two banks leaving the syndicate.
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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%.
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Equity capital markets issuers and banks successfully completed the first batch of summer IPOs last week, and there is now expected to be very little activity until after the UK’s referendum on June 23.
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Castellum, the Swedish property company, has completed its Skr6.3bn ($758m) rights issue, to partly finance its Skr13.4bn purchase of Norrporten.
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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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Ahlstrom, the Finnish fibre based materials manufacturer, has extended the maturity of its €180m credit facility with the approval of all of its lending banks.
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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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The Nordic loan market is set to enjoy a bumper second quarter of refinancing, with investment grade companies launching chunky deals ahead of the summer holidays.
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Double-B rated issuers WEPA Hygieneprodukte, Europe’s leading privately owned tissue manufacturer, and Barry Callebaut, the Swiss chocolate producer, both followed Volvo’s lead in launching bonds on Monday, helping to keep a stuttering primary market active.
