Swedbank
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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. -
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.
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LBBW, OP Mortgage Bank and Mortgage Bank of Finland took little time to sell their benchmark euro deals this week.
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Sweden's largest oil refiner, Corral Petroleum Holdings, sold on Friday €625m-equivalent of payment-in-kind toggle notes after dropping dollars for Swedish kronor.
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Two single-B credits launched in the European high yield market this week — Cirsa and Preem — taking April's tally to four. Only six single-B deals of at least €100m have been priced so far this year, with some observers expecting the stream to continue.
