Capital markets in Sweden
Mikael Borg and Fredrik Palm lead Gernandt & Danielsson Advokatbyrå’s capital markets practice, which acts on complex transactions in the market including mandatory public offers, hostile and friendly takeovers and high-value IPOs, for issuer and underwriter clients. Recent debt transactions include green bond issuances and senior secured listings; the team, which also includes Carl Westerberg, Candra Torebring and newly promoted partner Sofie Viktorsson, provides regulatory guidance to global corporates, financial institutions and public authorities.
Mikael Borg; Fredrik Palm
‘Great insights, expertise and experience.‘
‘Fredrik Palm is very responsive and has a pragmatic and business-oriented approach.‘
Handelsbanken Corporate Finance
Carnegie Investment Bank
ICA Gruppen AB/ICA-handlarna
ABG Sundal Collier
Modern Times Group MTG AB
Nordic Entertainment Group AB
- Advised Carnegie Investment Bank and Nordea Bank as underwriters of THQ Nordic’s SEK2.1bn private placement of shares.
- Advising Modern Times Group (MTG) on the distribution of shares in Nordic Entertainment Group to MTG’s shareholders, then subsequent listing on the main market, following a demerger.
- Advised Radisson Hospitality on the mandatory public offer made by its shareholders by a consortium led by Jin Jiang International.
Noted for its ‘extensive experience and knowledge’, Mannheimer Swartling provides its client base with capital markets advice across the full range of transactions. Leading on equity mandates, co-head Eva Hägg and Patrik Marcelius handle high-profile rights issuances on the main market for leading industrial names, while Nordic private equity houses instruct Nina Svensson and Emil Boström on complex transactions including dual track exits. Debt capital markets mandates are handled by co-head André Andersson and co-head Thomas Pettersson, who assist underwriters and issuers. Recent highlights included green bond issuances on the Sustainable Bond Market and high-value MTN programmes, which are handled by Zoran Stambolovski.
Eva Hägg; André Andersson; Thomas Petterson
‘Mannheimer Swartling has an extraordinary team which covers all areas of practice within capital markets and is well up to speed with the market. Highest quality and speedy delivery.‘
‘Perceived as the most professional capital markets team, involved in high-profile transactions and matters, always being one step ahead.‘
‘Reliable, knowledgeable advice built on vast experience.‘
‘Mannheimer Swartling always delivers with quality, even at short notice.‘
‘Johan Ljungberg is fast and always delivers with high quality. He is genuinely interested in our company and often thinks a step further.‘
‘Emil Boström is up to speed with the market, has superior knowledge and is proactive in his approach. Always available and will resource projects appropriately.‘
‘Eva Hägg is recognised as a go-to senior partner in Sweden.‘
‘Oscar Gerdhem is a rising star in the capital markets team.‘
‘Nina Svensson has a competent, calm, structured, hands-on approach. Always quick to respond.‘
‘Zoran Stambolovski is very experienced in all kinds of debt capital markets transactions. He understands the business.‘
The Swedish National Debt Office
- Handled the establishment of AAK’s SEK4bn medium term note programme.
- Assisted Coor Service Management with its issuance of SEK1bn unsecured bonds to refinance a bridge loan.
- Advised Vattenfall on its €500m green bond issuance on Nasdaq Stockholm’s Sustainable Bond Market.
Pontus Enquist co-leads Roschier’s equity capital market practice, which recently handled substantial IPOs and spinoff and listing transactions for corporates and private equity sponsors. The team has significant underwriting expertise under co-head Johan Häger, who is regularly instructed by global banks and financial institutions on high-value senior secured bonds issuances. Häger is also the go-to name for issuers of debt capital markets products; he recently handled complex transfers of green bonds.
Johan Häger; Pontus Enquist
‘Flexible, fast and knowledgeable!‘
‘Great, results-oriented people.‘
‘Quick response times and good commercial understanding.‘
Carnegie Investment Bank
Nordic Fixed Income 6
ABG Sundal Collier
Nordika III Fastigheter
- Advised Carnegie Investment Bank and Skandinaviska Enskilda Banken as underwriter on Lime Technologies’ SEK367m IPO on Nasdaq.
- Advising Alelion Energy Systems on its SEK135m rights issuance.
- Acted for Pareto Securities as sole underwriter for Zengun Group’s SEK600m senior secured bond issuance.
On the equity side of Advokatfirman Vinge’s capital markets practice, Jesper Schönbeck, Erik Sjöman (who co-head the practice) and Charlotte Levin handle IPOs, public takeovers, direct share issuances and equity-based incentive programmes. The group also has a dedicated debt capital markets team fielding practice co-head Mikael Ståhl and Louise Brorsson Salomon, which handles high-yield bond issuances, EMTN programmes, securitisations and convertible instrument work. The group's broad client base includes multinational investment firms, financial institutions, life sciences companies, retailers and industrial names.
Jesper Schönbeck; Erik Sjöman; Mikael Ståhl;
Kommuninvest i Sverige AB
- Advising life sciences client Oncopeptides on a direct share issuance totalling €69m.
- Advised private care provider Ambea on a fully subscribed rights issuance on Nasdaq Stockholm totalling €115m.
- Advised retailer Veoneer on a dual offering of $420m of common stock shares and $180m convertible senior notes on Nasdaq Stockholm.
Baker McKenzie's client roster of leading investment banks in the Nordic region often instruct the capital markets team to handle underwriting mandates including high-value main market IPOs. On the issuer side, practice head Joakim Falkner advises on equity rights issuances, IPOs and public takeovers for corporate clients, with a strong sector presence in the technology, online gaming, life sciences, clintech and real estate industries. Recent highlights included updates to existing MTN programmes and private share placements for domestic and international investors.
Carnegie Investment Bank
ABG Sundal Collier
Handelsbanken Capital Markets
SEB (Skandinaviska Enskilda Banken)
DNB Nor Bank
Investment AB Latour
- Acted for Vitec Software on its private placement of shares to Swedish and institutional investors.
- Acted for Storytel on its private placement of shares and Nasdaq First North IPO.
- Swedish counsel to Carnegie Investment Bank on issues relating to Q-linea’s Nasdaq IPO.
Advokatfirman Cederquist KB’s Wilhelm Lüning and Fredrik Lundén are go-to names in the market for equity capital markets expertise, with recent mandates including public tender offers, IPOs and rights issuances for corporates and large-cap private equity clients. The practice also assists with debt capital markets transactions under a team led by Svante Hultqvist, with regular instructions involving MTN programmes and green bond issuances. The group saw the recent addition of Per Henriksson from an in-house role, who has notable expertise in advising financial institutions on underwriting exercises.
‘Highly experienced with great knowledge.‘
‘The team holds solid experience within capital markets and always delivers on top and in a timely manner. Our firm appreciates that Cederquist is always aiming to be at the forefront and continuously keeps us informed about trends and happenings in the market.‘
‘Tone Myhre-Jensen is practical, calm and thorough. She always tries to give concrete guidance and has a practical approach. Swift replies and great availability.‘
‘Fredrik Lundén offers outstanding availability and quick turnaround times while always providing high-quality advisory services. This coupled with his humbleness make him a great and highly trusted lawyer.‘
‘Tone Myhre-Jensen is not only a great lawyer with a pragmatic approach and integrity but is also an excellent business partner and a great support to me as GC in various matters. She always brings a strategic mindset making her a highly trusted and valuable advisor.‘
‘Henrik Wållgren has great experience of various capital markets matters, always contributing with experience from the market from various perspectives.‘
‘Per Henriksson is a true legal expert with in-depth legal knowledge of credit-related matters and an ability to turn such knowledge into legal advice which builds confidence.‘
Modern Times Group
Skandinaviska Enskilda Banken
DNB Bank ASA
- Advised Hemfosa Fastigheter on the consent solicitation procedure relating to the SEK2bn distribution of Nyfosa’s shares.
- Advised construction, infrastructure and property developer NCC on its SEK5bn medium term note programme.
- Advised Millicom International Cellular on its SEK2bn sustainable bond issuance.
Cirio Advokatbyrå AB advises a portfolio of domestic corporate clients on the full spectrum of equity and debt capital markets matters, led by Annika Andersson and Dennis Luttropp Hansson respectively. The team enjoys a stream of high-yield bond mandates for notable clients in the real estate, pharmaceuticals and medtech sectors. Other recent highlights included complex private share placements, direct share issuances, relisting exercises and reverse public takeovers.
Annika Andersson; Dennis Luttropp Hansson
‘Strong familiarity with the local legal environment and the needs of the client.‘
‘Annika Andersson is pragmatic, knowledgeable and responsive.‘
Artificial Solutions International
Scope Capital Advisory
- Advised Elektra on its SEK5bn medium term note programme.
- Advised commercial real estate company Sagax on its €500m note issuance.
- Advised Green Landscaping Holding on its listing transfer from Nasdaq First North to Nasdaq Stockholm’s main market.
The capital markets team at Setterwalls, which includes go-to names practice head Jörgen Axelsson and Marcus Nivinger, has a focus on equity listings and IPOs for issuers across the real estate, telecoms, technology and life sciences sectors. The team also handles private share placements and public takeovers, and, on the debt side, assists with hybrid bond and EMTN programmes. Olof Reinholdsson was recently promoted to the partnership and has extensive knowledge of securities law.
‘The Setterwalls team is truly into our business and we don’t have to spend unnecessary time explaining matters. We see them as a strategic partner and almost all of our critical decisions, which could have a legal implication, are discussed with Setterwalls.‘
‘Any partner or associate we have engaged with has been highly professional, service minded and understanding of our business, thus providing value to our company.‘
‘Ola Grahn exhibits valuable insights into explaining and understanding the long-term consequences of legal decisions.‘
Fastighets AB Balder
InDex Pharmaceuticals Holding
- Advised Fastighets AB Balder on its €2bn medium term note programme.
- Advised medical devices company IRRAS on its SEK106m directed share issuance to a number of Swedish and international institutional investors.
- Advised medical technology company Mentice on its IPO and Nasdaq listing.
White & Case Advokat AB has a particularly strong equity capital markets group co-led by Rikard Stenberg, who advises his extensive private equity client base on IPOs and rights issuances on the regulated and secondary markets. Co-head Johan Thiman and Michael Bark-Jones are go-to names for debt listings including high-yield bond issuances for domestic and international issuers. The team provides routine advice to banking and financial institutions as the underwriters of capital markets transactions; Carl Hugo Parment is a leading name in this field. Bond restructuring and liability management work are also core fields of expertise for the practice.
Rikard Stenberg; Johan Thiman
‘High quality, international standard.‘
‘White & Case is at the forefront of market developments and a pleasure to work with.‘
‘Michael Bark-Jones is a very knowledgeable lawyer. Professional and on top of market trends.‘
‘We work a lot with Magnus Wennerhorn and Carl Hugo Parment, who are thorough but pragmatic negotiators.‘
ABG Sundal Collier
Atlas Copco AB
Carnegie Investment Bank
Citibank Global Markets
FSN Capital and its portfolio companies
Toyoya Industries Finance
- Assisted Epiroc with the establishment of its €1.5bn medium term note programme.
- Acted for Nordea Bank and Carnegie as underwriters on Karnov Group’s SEK4.2bn Nasdaq IPO.
- Advised Gaming Innovation Group on its dual listing on the Oslo and Nasdaq Stockholm stock exchanges.
Led by Emil Hedberg, Advokatfirman Schjødt’s capital markets practice acts for underwriters and issuers on mid-cap IPOs and rights listings on the Swedish markets, with particular expertise handling equity transactions for clients in the life sciences and healthcare sectors. Notably, the team has a number of highly praised junior talents including newly recruited senior associate Ylva Forsberg, who brings in-house expertise from her role at SEB. The team works closely with the banking and finance practice to assist clients with DCM and public M&A transactions.
‘The firm has a top understanding of clients’ needs at both partner and senior associate levels, providing excellent communication and 24/7 responsiveness that is second to none‘
‘The firm is a real pleasure to work with and is my new go-to firm for capital markets and corporate transactions in Sweden.‘
‘Emil Hedberg has a high knowledge of the subject. What makes him stand out is his availability and solutions-based point of view.‘
‘Ylva Forsberg’s work is of the highest quality, not only legally but commercially. She is extremely responsive and goes the extra mile 24/7.‘
‘Everything a client can wish for.‘
Nordic Iron Ore
Zenicor Medical Systems
A3 Allmänna IT- och Telekomaktiebolaget
- Acted for Danske Bank as underwriter on Surgical Science Sweden’s £17m direct issuance of shares.
- Acted for AlzeCure Pharma (and coordinator and bookrunner Vator Securities) on its £21m Nasdaq First North IPO.
- Acted for Fram Skandinnavien on its SEK40m rights issuance.
Advokatfirman Delphi’s capital markets team handles First North and main market rights issuances and IPOs, with a solid list of mandates stemming from the technology, gaming, life sciences and medtech sectors. Practice head Mats Dahlberg assists with direct issuances, public takeovers and medium term note debt capital markets transactions; he also has considerable regulatory knowledge of the Spotlight growth market.
Scout Gaming Group
A roster of corporate clients instructs DLA Piper's capital markets team on the full breadth of mandates, from initial debt and equity listings on the First North market to relistings and subsequent issuances on the regulated market. Practice co-heads Richard Folke and Emma Norburg work closely with the firm’s banking and finance experts to devise bond term strategies, and Peder Grandinson is a go-to name for underwriting expertise.
Richard Folke; Emma Norburg
‘DLA Piper provides high-quality, personal service.‘
Avanza Bank Holding
SoltTech Energy Sweden
- Assisted Moment Group with its relisting from First North to the main market.
- Advised Stillfront Group on its SEK600m senior unsecured bond issuance.
- Advised Moment Group on its SEK200m unsecured bond issuance.
Eversheds Sutherland's capital markets group is co-led by Gabriel Albemark, who is a go-to name for equity listings and recently handled a variety of mid-cap rights issuances for domestic and international clients. Newly recruited co-head Johan Engström, who was previously at MAQS Advokatbyrå, enhances the team’s expertise in equity capital markets transactions, and recently handled a landmark listing of an Irish company on the First North market. Philip Heilbrunn handles debt capital markets issuances.
Gabriel Albemark; Johan Engström
Abelco Investment Group
The Marketing Group
- Advised Zutec, the first Irish company to list on the First North, with its SEK50m IPO.
- Assisted Eyeonid Group with its SEK8m share issuance.
- Advised Eyeonid Group on its SEK12m directed issuance of shares.
The capital markets team at Hammarskiöld routinely advises the firm’s local and international investment banking clients as underwriters for IPOs and share listings on the Nasdaq main and First North markets. Practice head Carl-Johan Pousette also handles mid-cap direct share issuances, relistings and public takeovers for corporate and private equity clients.
Bauer Media Group
ABG Sundal Collier
- Advised ABG Sundal Collier and Pareto Securities as underwriters on Jetpak Top Holding’s SEK540m IPO.
- Advised Bauer Media Group’s subsidiary Zmarta Group on its SEK200m cash offer to shareholders of Insplanet.
Hannes Snellman’s capital markets practice recently handled a number of complex, cross-border mandates spanning demerger and subsequent main market listings, share redemption transactions and public cash offers. Led by Mattias Friberg and also fielding equity capital markets expert Sören Lindström as a senior adviser, the team lends its expertise to private share placements, IPOs and other debt and equity offerings for a diverse list of corporate clients from the insurance, real estate, engineering and financial services sectors.
SpareBank 1 Markets
- Assisted Cramo and Adapteo with the spin-off and listing of the latter on the Stockholm Stock Exchange.
- Acted for automotive retailer Mekonomen on its SEK1.7bn share issuance (with preferential rights for existing shareholders), the proceeds of which repaid a bridge-facility loan.
- Acting for NP3 Fastigheter on its SEK102m direct issuance and private placement of new preference shares.
The Linklaters capital markets team is jointly led by Fredrik Lindqvist and Patrik Björklund, who handle equity and debt matters respectively, and is a noted firm for international private equity sponsors, real estate funds and high-end corporates, which require cross-border transaction management. The team provides the breadth of experience covering IPOs, high-yield bond listings, preference share issuances and MTN programmes, which are subject to US legislation.
Fredrik Lindqvist; Patrik Björklund
Starwood Capital Group
Green Investment Group
Bank of America Merrill
- Advised Traton (a subsidiary of Volkswagen Group) on a €1.5bn dual listing on the Frankfurt Stock Exchange and Nasdaq.
- Advised Institut Mérieux on BioInvent’s private placement of shares to Institut Mérieux and other institutional shareholders.
Bird & Bird has increased its capital markets expertise under the leadership of recently appointed practice head Ola Lidström. The majority of its transactions involve lower mid-cap rights issuances and IPOs on the First North growth market for clients in the life sciences, energy, pharmaceuticals, IT and technology sectors.
- Acting for CAG Group on its SEK70m Nasdaq IPO.
- Assisting Image Systems with its SEK66m Nasdaq rights issuance.
- Assisting A1M Pharma with its SEK71m Nasdaq rights issuance.
Advokatfirman Lindahl KB’s Uppsala-based capital markets expert Mattias Prage advises a range of domestic issuers on mid-cap IPOs, rights issuances and preferential placements, with recent mandates including complex transactions in regulated sectors including the life sciences industry. The addition of banking and finance expert Sten Gejrot (previously of MAQS Advokatbyrå) to the Malmö office increases the firm’s debt capital markets capabilities. Thorbjörn Wennerholm is also a key name to note.
Thorbjörn Wennerholm; Mattias Prage
‘They always focus on customer needs and are very flexible in availability. The level of expertise is high and they have a good track record in delivering tasks on time.‘
‘A deep knowledge of capital market issues.‘
‘I have worked with several partners and associates over the years and they have all presented excellent skills in their profession. Importantly, they are clear if a specific topic is outside their expertise and forward the topic to another member of the team or even outside if necessary. This provides a high level of comfort and makes day-to-day operations run smoothly. I can particularly recommend partners Mattias Prage and Helena Lindbäck and associate Emelie Carmhagen Wernoff.‘
‘Easy to work with, available and gets along with us as clients as well as our contacts. Has very deep knowledge.‘
Cimco Marine AB
Coeli Private Equity
Helios Investment Partners
IMINT Image Intelligence
International Finance Corporation
Millicom International Cellular
Pharmacolog i Uppsala
- Handled life sciences client Q-linea’s SEK632m mid-cap IPO.
- Advised Cimco Marine on a number of corporate bond listings totalling SEK311m.
- Advised Hanza Holding on a Nasdaq small-cap market listing.
Advokatfirman Törngren Magnell has a growing capital markets practice under the leadership of Johan Wigh. The team, which also includes Sandra Broneus, handles equity and debt listings for a list of domestic issuers on the Nasdaq First North, and recently handled a number of small-cap IPOs for international clients.
‘Cecilia Rudels provides great market insights.‘
SaltX Technology Holding
EnergyO Solutions Russia
Samhällsbyggnadsbolaget i Norden
Svenska Aerogel Holding
- Advised SaltX Technology Holding on its SEK80m rights issuance.
- Assisted Saxlund Group with its SEK30m rights offering.
- Acted for listed company myFC on its SEK40m issuance of shares and warrants.