Banking and finance in Sweden
Advokatfirman Cederquist KB’s banking and finance team is highly regarded for its lending expertise, with Svante Hultqvist and practice head Johan Lundberg advising global banks and investors on leveraged financing work, real estate financing issues, pre-IPO financing matters and complex restructurings. The team also has noted expertise in investment grade transactions, with a recent stream of high-value mandates in the pharmaceuticals sector; senior associate Mirja Sikander is a noteworthy name in this field. The practice is also noted for its regulatory expertise, where it advises both lenders and borrowers.
‘Cederquist’s banking and finance practice remains very strong year after year and is one of our preferred firms for most kinds of financing matters.‘
‘The combined experience within Cederquist’s banking and finance practice is unparalleled.‘
‘The team is second to none when it comes to handling complex financing transactions in the Swedish market. It is doubtful whether any Swedish firm has a better understanding of what is important to a bank in a financing transaction.‘
‘We view Svante Hultqvist as the leading Swedish banking and finance lawyer. For complex matters, you go to Svante!‘
‘Johan Lundberg is very skilled and nice to work with. Like the mailman, he always delivers.‘
‘Svante Hultqvist is still the rockstar within banking and finance in the Nordics. In my view, he is by far the most experienced and most qualified banking and finance lawyer in the Nordics and he matches any lawyer that we engage in the US, UK and German markets. He focuses on the right items and has a unique sense for identifying the relevant items in any transaction. Working with Svante is an absolute pleasure.‘
‘Svante Hultqvist, Johan Lundberg and Per Henriksson are the star individuals. They have an exceptional command of the law, are great negotiators and – most importantly – a constructive and commercial approach when representing the bank in a financing transaction. Cederquist is our go-to firm for our most complex transactions.‘
SEB (Skandinaviska Enskilda Banken)
SHB (Svenska Handelsbanken)
Silicon Valley Bank
- Acted for BNP Paribas, Danske Bank, Skandinaviska Enskilda Banken and Svenska Handelsbanken as lenders on the financing of the acquisition of the rights to Synagis by Swedish Orphan Biovitrum.
- Acted for A-Train as lender on the $500m acquisition financing of the company owning the emapalubam antibody and related assets.
- Acted for Svenska Handelsbanken, Nordea Bank and Swedbank as lenders for the refinancing of wind farms owned by Stena Renewable.
Global financial institutions regularly instruct Mannheimer Swartling’s leading banking and finance practice on the full range of lending mandates, from asset, real estate and acquisition financing work to structured finance issues, restructurings and securitisations. Experts including Daniel Karlsson and practice co-heads André Andersson and Thomas Pettersson provide advice on high-yield bond and export credit issues and regularly assist clients with regulatory and product development mandates. Also noteworthy is the team’s activity in the renewable energy sector, which is a key area for Andreas Zettergren and Olof Stenström, who handle high-value project financing arrangements for borrowers in the onshore wind farm industry.
André Andersson; Thomas Pettersson
Scandinavian Airlines System
Skandinaviska Enskilda Banken
- Assisted the City of Stockholm with two facility agreements with the European Investment Bank totalling $417m.
- Assisted Vattenfall, Vestas and PKA with the $365m project financing of their onshore wind project.
- Acted for a syndicate of banks including Nordea Bank and Skandinaviska Enskilda Banken in a $417m multi-currency revolving credit facility with Modern Time Group and Nordic Entertainment Group.
Financial institutions across the Nordics instruct the banking and finance practice at Roschier to handle high-value structured finance, syndicate lending, asset-backed lending and fund finance mandates. Leading names in the practice include Fredrik Rydin and team head Johan Häger, who have notable expertise with high-yield bonds, real estate finance and debt capital markets matters. Harem Mahir and counsel Carl Brodén are recognised names for restructuring and revolving credit facility mandates respectively.
‘Good knowledge, prompt responses and solutions-oriented advice.‘
ABG Sundal Collier
- Acted for DNB and Swedbank on the $140m financing of Triton’s acquisition of SKF Motion Technologies.
- Advised Nordea Bank and Swedbank on a $390m facilities agreement with Swedish Airport Infrastructure Kommanditbolag.
- Advised Svenska Handelsbanken on a $521m multi-currency revolving credit facility to H&M.
With steady growth across three offices, Setterwalls provides a full-service banking and finance team led by Åke Fors in Stockholm, Jonas Frii in Malmö and Jesper Kuschel in Gothenburg. The team assists with the full range of debt financing transactions including leveraged and acquisition finance, real estate finance and investment-grade mandates, with stand-out names including Mikael Magnusson and Carl Lindencrona. The group's strong financial regulatory offering attracts global banks and financial institutions (including the Swedish Central Bank) as well as public pensions funds; the team also advises lenders on project financing and refinancing arrangements, with recent mandates involving the real estate and shipping sectors.
Åke Fors; Jonas Frii; Jesper Kuschel
‘The strong partner participation in transactions is what makes Setterwalls’ banking and finance team unique. Rather than having partners who become invisible halfway after the first pitch, you know that they will be hands on until final delivery.‘
‘Mikael Magnusson is a very dedicated and hands-on lawyer who is available, solutions oriented and nice to work with.‘
‘Olof Forslund is a talented young lawyer with a bright future.‘
‘Carl Lindencrona provides efficient delivery in line with expectations.‘
Swedish Central Bank
The Seventh Swedish National Premium Pension Fund
The Fourth Swedish National Premium Pension Fund
Ness, Risan & Partners
- Assisted Adapta Fastigheter with bilateral loan agreement negotiations with external lenders totalling $125m.
Advokatfirman Vinge advises noteworthy clients in the private equity, real estate and industrial sectors on big-ticket borrowing transactions including acquisition and asset financings, structured finance work and project finance arrangements. The firm benefits from its Gothenburg and Malmö offices (which field Fredrik Sonander and Henrik Ossborn respectively) to handle some of the market's high-value shipping and aviation transactions. Mikael Ståhl is a go-to name for lenders including global banks, public lenders and investment funds and, with Louise Brorsson Salomon and Albert Wållgren, handles syndicated loans, restructurings and leveraged buyouts.
Mikæl Ståhl; Henrik Ossborn; Fredrik Sonander
‘The team has broad experience and a good knowledge of the market, which means they can handle complex transactions in different areas of expertise.‘
‘I highly rate Charlotte Levin and Albert Wållgren.‘
European Investment Bank
Standard Chartered Bank
Royal Bank of Canada
- Advised HSBC on an EKN-compliant €94m facility agreement to finance a project in Luanda, Angola.
- Advised Tele2 as lender in a $1.2bn term facility agreement for its merger with Com Hem Holding.
- Acted for a syndicate of banks and arrangers led by Goldman Sachs for the issuance of notes to chemicals group Perstorp to the value of $2.1bn.
White & Case Advokat AB's substantial list of private equity clients frequently instructs the firm's banking and finance experts on large-scale acquisition finance transactions across the Nordic region. Group co-heads Carl Hugo Parment, Magnus Wennerhorn and Oscar Liljeson are go-to names for large-scale international lenders including financial institutions and direct capital providers. The team is also highly regarded for handling leveraged finance work, high-yield bonds, bond restructuring projects and pre-IPO financing arrangements for corporate issuers.
Carl Hugo Parment; Magnus Wennerhorn; Oscar Liljieson
‘A key benefit is their ability to swiftly tap into the broader market knowledge from the Frankfurt, New York or London offices giving us as a client a way to benchmark not only against the local market, but the global market.‘
‘The team is agile and very responsive.‘
‘Magnus Wennerhorn is our trusted advisor that we can turn to with all types of questions. He gives high-quality advice and is one of the absolute best banking lawyers in the region.‘
‘Oscar Liljeson is extremely commercial and competent which has made him a trusted advisor.‘
‘A hardworking team that always gives excellent attention and sound and solid advice no matter how complex the problem is.‘
ABG Sundal Collier
Skandinaviska Enskilda Banken
- Advised Citibank, Skandinaviska Enskilda Banken and Nordea Bank on a $1.2bn term facility agreement with Tele2 to part finance its merger with Com Hem Holding.
- Acted for FSN Capital (and its portfolio company Trespo) on the $29m refinancing of existing bank debt with a Norwegian high-yield bond.
Advokatfirman Schjødt’s banking and finance team counts a broad list of lenders and borrowers on its client roster. Practice head Fredrik Gillgren and Eric Halvarsson act for banks, direct lenders and Nordic credit funds on leveraged finance, restructuring, corporate lending and asset finance mandates. On the borrower side, domestic and international private equity firms and commercial clients instruct the team on acquisition finance and refinancing mandates, with recent highlights involving transactions in the real estate, aviation, infrastructure and banking sectors.
‘A professional and full-service firm, yet local and down to earth.‘
‘Provides high availability with a wide range of competence.‘
‘Fredrik Gillgren is very skilled, efficient, available, and easy to work with.‘
AAC Capital Partners
Com Hem Group
Proventus Capital Partners
Société Générale Equipment
- Assisted Scope Growth with the debt financing of its acquisition of lingerie brand Miss Mary of Sweden.
- Assisted private equity fund Procuritas Capital Investors VI with the debt financing of its acquisition of temporary space business Ramirent.
- Acted for Blackstone on the financing aspects of its €1bn majority stake acquisition in Luminor Bank.
Property investors frequently instruct Cirio Advokatbyrå AB's banking and finance practice, which includes team leader Dennis Luttropp Hansson and Jesper Johansson, on real estate financing mandates including investments in the wind farm industry. Carl Axel Morvay recently advised on a variety of shipping-related asset finance transactions. The team also advised commercial names in the IT and technology fields on acquisition and pre-IPO financing arrangements, and has expertise in high-yield bond and structured bond matters.
Dennis Luttropp Hansson
‘Jesper Johansson is a very skilled and hands-on lawyer. We have worked together on real estate and project financing projects always with good results.‘
- Advised Humana on the financing of its acquisition of healthcare company Coronaria Hovia.
- Acted for Karnov Group on its post-IPO financing arrangements.
- Advised Rabobank and the senior lenders on the EKF-backed financing of the Blakliden/Fäbodberget wind farm project.
Recent highlights for the banking and finance team at DLA Piper included practice head Björn Sjöberg handling project financing mandates in the onshore wind farm industry, while Marianne Ramel advised on a range of acquisition finance transactions for lenders and borrowers. Asset-backed lending and export financing mandates are areas of expertise for Mikael Kövamees, while Carl Schwieler is a go-to name for leveraged and structured finance work. The client list comprises international lenders, property fund managers and investment funds, as well as Nordic private equity funds on the borrower side. Senior associate Joséphine Tessmar is also a key name to note.
‘Provides commitment, availability and deep knowledge‘
Round Hill Capital
Credit Suisse Infrastructure Partners
- Assisted Credit Suisse Infrastructure Partners with the €500m financing and investment of the Nysäter onshore wind farm.
- Advised Savills Investment Management on its term loan financing for the acquisition of retail assets from Skandia Fastigheter.
- Advised Round Hill Capital, a real estate investment and management firm, on the refinancing of a portfolio of logistics and light industrial assets.
Gernandt & Danielsson Advokatbyrå fields a strong financial regulatory practice under Niclas Rockborn, who advises Nordic and international banks, asset managers and other financial institutions on all aspects of financial market regulation including representing clients in FSA investigations. Candra Torebring leads on lending and borrowing mandates including syndicated loans, complex restructurings, refinancing arrangements, and derivatives matters. Björn Svensson is singled out for acquisition financing issues.
Candra Torebring; Niclas Rockborn
‘Insightful, reliable and available with deep industry knowledge.‘
‘A highly skilled banking and finance team with lots of experience with financing and bonds in the Nordic market.‘
‘In general it is one of the best law firms I have used in my 20 years of experience. They are always able to deliver small and large assignments in short and due time.‘
‘A well-known practice with a good reputation.‘
‘Smart, hardworking and dedicated.‘
‘Björn Svensson is very skilled and experienced. We always feel certain we’ll get the best advice and work.‘
‘We particularly appreciate working with intelligent, fast thinking individuals who come up with appropriate ideas and solutions that you may not have thought of yourself. Björn Svensson matches these criteria.‘
‘Niclas Rockborn is one of the best lawyers I ever have worked with in my 20 years of experience. He is very careful, goes very deep into almost everything with high flexibility and an excellent capacity to analyse tricky legal questions.‘
‘Nils Unckel is highly competent and very skilled.‘
‘Björn Svensson is extremely professional and capable.‘
‘Candra Torebring takes total responsibility and thinks thoroughly through structures and potential pitfalls.‘
Carnegie Investment Bank
Nordkinn Asset Management
- Advised Nordea as underwriter of a senior secured revolving credit facility agreement on it’s 60% sale of interest in Luminor.
- Assisted Scandi Standard with a two-year extension of its existing $226m multi-currency loan facility.
- Advised Eniro on the additional $6.5m refinancing of existing bank loans amounting to $95m.
With particular strength in regulatory expertise, Hammarskiöld's team head Mattias Anjou also routinely advises global institutions, fintech startups and public bodies (including the Swedish Pensions Agency) on credit fund structuring issues, financial product implementation, licensing applications for the provision of financial services and strategic business advice. The group also handles core lending and borrowing mandates including acquisition finance transactions for private equity borrowers and revolving facility arrangements for international lenders.
The Swedish Pensions Agency
Hypoteket Bolån Sverige
Round2 Capital Partners
- Swedish counsel for KKR Infrastructure Fund on its €2.9bn senior facilities agreement for its acquisition of Q-Park.
- Assisted Hypoteket Bolån Sverige with the establishment and structuring of a residential loan provider and securitisation vehicle for the purposes of acquiring residential mortgage loans.
- Assisted Monetise Capital with its application before the Swedish Financial Services Authority to become a licensed credit institution.
Borrowing mandates for Hannes Snellman’s banking and finance team include high-value leveraged acquisition transactions and financing arrangements for public offers. The group also has expertise in high-yield bonds and provides financial regulatory advice. The client roster comprises international private equity funds from the Nordics, the rest of Europe and the US, as well as corporates from a range of sectors. Key individuals including group head Fredrik Olsson, Paula Röttorp and specialist partner Carolina Wahlby are routinely instructed by banks and AIFs, including clients in the senior and mezzanine real estate space, to handle lending transactions including asset financing work for infrastructure projects.
‘Provides very pragmatic and straightforward advice and support.‘
‘Has great knowledge of the commercial real estate finance market.‘
‘Paula Röttorp is a very skilled and knowledgable lawyer and it is always a pleasure to work with her. She is up to speed with complex structural points and is also very flexible when it comes to finding creative solutions to complex issues.‘
Proventus Capital Partners
AB Wilh. Becker
Profi Förvaltning AB
Brunswick Real Estate Capital
Tennenbaum Capital Partners
Stirling Square Capital Partners
Gamut Capital Management
Ventiga Capital Partners
Skandinaviska Enskilda Banken AB
- Handled the acquisition financing arrangements for Mekonomen’s acquisition of Danish parts distributor FTZ Autodele & Værktøj.
- Assisted Brunswick Real Estate with a green loan financing provided to Fabege.
- Advised Ahlstrom-Munksjö on the acquisition financing arrangements for its $615m purchase of Expera Specialty Solutions.
Linklaters has an extensive client list of domestic and international banks, which the banking and finance team routinely advises on complex lending transactions involving revolving credit facility agreements (often in a co-lending structure), debt refinancing work, high-yield bonds and real estate finance issues. Direct lenders instruct the team on acquisition finance matters and practice leader Patrik Björklund also has expertise in large-scale restructuring mandates and regulatory developments in the banking sector.
‘Patrick and his team are always available and they always deliver.’
‘The firm has positioned itself as a first-hand choice for lenders in private equity-backed acquisition financings.‘
‘Patrik Björklund is a very skilled lawyer who is also easy to work with.‘
‘We mainly work with Patrik Björklund who is often our first choice when selecting external legal counsel for private equity-backed acquisition financings. He is currently second to none in the Swedish market when it comes to quality of advice, documentation and project management. He moreover has superb industry knowledge which is key for us.‘
The banking and finance team at Advokatfirman Törngren Magnell fields Nordic and European banks on its client roster; team co-heads Cecilia Rudels and Tobhias Brandell advise these finance clients on high-value lending transactions. Recent highlights included lending mandates for acquisition and asset financing work in the construction, infrastructure, data communications, wind farm and natural gas sectors. The group also handles acquisition financings on the borrower side for a number of private equity houses in the domestic market.
Cecilia Rudels; Tobhias Brandel
Skandinaviska Enskilda Banken
Samhällsbyggnadsbolaget i Norden
- Advised Europa Capital on the financing of its acquisition of Swedish insurance company Gamla Livförsäkringsaktiebolaget SEB Trygg Liv.
- Advised East Renewable on the asset financing of the acquisition of a wind farm in Ukraine.
- Acting as Swedish counsel to a syndicate of banks providing financing to the European Diversified Infrastructure Fund II for the acquisition of E.ON Gas Sverige.
Baker McKenzie’s banking and finance team acts for banks and direct lenders from the Nordics, UK and other international jurisdictions on transactions in the Swedish market. Recent lending mandates included leveraged finance and refinancing arrangements. Practice head Mats Rooth is regularly instructed by private equity funds to handle acquisition financing work, typically with a cross-border structure. The team also advises on trade and export finance matters, cross-border fund registrations and regulatory issues.
‘The team is led by the very experienced and able Mats Rooth, who has extensive experience in domestic and international finance deals. If he is leading the team, you know that you have someone who has a great understanding of the market and a strong commercial focus. The team is also well backed up by the London office and they appear well integrated.‘
Carnegie Investment Bank
Proventus Capital Partners
Standard Chartered Bank
- Advised Nordea Bank as the arranger, facility agent, security agent and lender for Nordic Capital’s acquisition of Macrobond.
- Acted for Nordic debt fund Proventus Capital Partners on the €40m refinancing of Sana Fe Group.
- Assisted The Carlyle Group with the financing of its €10bn acquisition of Akzo Nobel Chemicals.
Leveraging its expertise in real estate, shipping and trade work, the banking and finance practice at Eversheds Sutherland regularly advises on asset, export and structured financing transactions for domestic and global lenders. Practice co-heads Tord Svensson and Philip Heilbrunn also have key experience in financial regulatory mandates concerning terms and conditions contracts, commercial banking products and operations. In a recent highlight, the team advised on the establishment of an innovative crowdfunding structure for Tessin Kreditfond.
Philip Heilbrunn; Tord Svensson
‘In comparison to other law firms there is a greater level of support by the partners on negotiations with the other side, which really drives the deal in a direction favoured by clients.‘
‘Has an excellent network worldwide and always exceeds expectations.‘
‘They are always very available and deliver on time, even with a tight schedule.‘
‘Philip Heilbrunn always delivers with extraordinary quality.‘
Nordea Finans Sverige
Royal Bank of Scotland
Savills Investment Management
International Air Transport Association (IATA)
SEB Trygg Liv
- Sole advisor to Tessin Nordic for all structural, documentation, finance, security and agency matters.
- Advised Nordea Finans as owner and lessor on structural amendments made to a sale and leaseback transaction for a helicopter.
- Advised Nordea Bank and Nordea Finance on a receivable purchase arrangement.
Advokatfirman Lindahl KB’s banking and finance team advises real estate companies, international banks and funds on export financing issues, asset financing mandates and distressed asset and restructuring work. Team leader Sten Gejrot was recently instructed on a number of lending and refinancing transactions in the property sector. The group also has regulatory and transactional expertise; Helsingborg-based Peter Bäverlid notably handles credit restructurings in the shipping sector. Group co-head Thorbjörn Wennerholm also contributes to the practice.
Thorbjörn Wennerholm; Sten Gejrot
Credit Agricole Corporate and Investment Bank
K2A Knaust & Andersson Fastigheter
LSTH Svenska Handelsfastigheter
- Assisted Nykredit Realkredit with the $103m refinancing of a retail warehouse property.
- Assisted Deutsche Bank with its EKN-supported $281m export financing transaction to India.
- Advised K2A Knaust & Andersson on the financing of several projects in Sweden.
Morris Law’s banking and finance team advises numerous domestic and international borrowers on leveraged finance, restructuring, acquisition finance and real estate finance transactions. Practice head Björn Bjuggren, who recently joined form Osborne Clarke, has a client list comprising banks, alternative investors and private equity funds. Jörgen Sköld is noted for his expertise in corporate refinancing work.
Maderna Corporate Services
Advokatfirman Westermark Anjou AB
The newly established financing and debt capital markets department at Advokatfirman Westermark Anjou AB is led by Rasmus Fahlén, who joined from Mannheimer Swartling, and is particularly active with real estate financings for lender and borrower clients. The team's recent work includes handling financial restructurings, green direct loan financings and recapitalisation exercises; the group also has general financing regulatory expertise.
‘A client-focussed team with in-depth knowledge.‘
‘A dedicated and great team.‘
‘A nice team that seems to be enjoying their work- and they deliver excellently on projects.‘
‘Rasmus Fahlén is very skilled with finance law.‘
‘Rasmus Fahlén is one of the best lawyers that I’ve come across. He is very good at making transactions move forward and he ensures to negotiate positions in a very clear and balanced way. He is always super positive and it is a pleasure to work with him.‘
‘Rasmus Fahlén has been excellent- good client relationship skills backed by solid knowledge and expert legal advice.‘
Brunswick Real Estate
The Swedish Securities Dealers Association
CHR Bygga Bostäder
- Assisted real estate company Fabege with a $170m green loan financing agreement.
- Assisted commercial real estate debt fund Brunswick Real Estate with the provision of a $70m acquisition and capex facility to real estate fund Areim for the acquisition of Stockholm property.
- Advised CHR Gygga Bostäder on its $21m recapitalisation exercise.
Wigge & Partners’ banking and finance group handles lending and borrowing mandates for banking syndicates, insurance investors, real estate companies and private equity sponsors. Lisa Antman has extensive experience with project financing issues in the infrastructure sector, while Anders Morén is a go-to name for M&A financing work for private equity clients. Practice leader Stefan de Hevesy handles high-value refinancing projects for leading international debt and credit funds.
Stefan de Hevesy
The European Central Bank
Altor Equity Partners
The European Bank for Reconstruction and Development
Skandinaviska Enskilda Banken
Brunswick Real Estate Capital
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden
Royal Bank of Canada
- Advised Eurocommercial Properties Sweden on a $73m term loan facility loan provided by Skandinaviska Enskilda Banken.
- Advised Danske Bank, ING Belgium and Skandinaviska Enskilda Banken as lenders on a $169m term loan facility for the refinancing of existing debt in A-Train.
- Assisted Nyfosa Svea Real Holding with a $221m term loan facility provided by Skandinaviska Enskilda Banken.
Export and real estate finance work are particular fields of expertise for Wistrand’s banking and finance team, which is jointly led by Tommy Grönberg and Gothenburg-based Anne-Marie Pouteaux. Pouteaux and Kristofer Selvin are also regarded for their expertise in shipping finance. Alongside borrowing mandates, a number of big-ticket banks and investment funds also instruct the group on financial regulatory work, particularly pertaining to EU regulations. Ulf Forsman and Håkan Lindgren are key names for domestic borrowers requiring acquisition finance advice.
Tommy Grönberg; Anne-Marie Pouteaux
‘Excellent skill, performance and execution.‘
‘Very skilled and service minded.‘
‘Håkan Lindgren has outstanding knowledge.‘
Catella Real Estate
Westdeutsche Immobilien Bank
PNC Bank, National Association
Credit Agricole Bank
- Assisted Niam Nordic with an equity bridge facility loan provided by a multinational investment bank.
- Represented Mycronic in negotiating and closing a $208m acquisition finance agreement with Nordea Bank and Svenska Handelsbanken.
- Acted for Danske Bank as lender on loan facilities provided to a Swedish property group for the acquisition of a property portfolio.