Transaction market conditions

Slowing European and Asian growth and significant estimate cuts mitigated the upside in Nordic equities during the autumn. The US recovery, however, has surprised positively and there are also recent signs that the slowdown in China has come to an end.  As a consequence, the Nordic MSCI index is up 16% since the beginning of June compared to 5% YTD.

In the Nordic region, several issuers launched directed equity issues or secondary block trades in late spring and early summer, once the market had stabilised after a turbulent April.  However, the number of Nordic capital market transactions decreased in the third quarter after growth in the previous three consecutive quarters. 

The total volume of M&A transactions in the Nordic region YTD decreased by 26% compared to the same period last year, as the uncertain macro-economic climate continued to restrain transaction market activity. However, signs of relief have been witnessed. 

Carnegie has experienced an increase in activity in November and December and has successfully announced a dozen capital market transactions, substantially more than any of Carnegie’s competitors.  Also, with further comfort that the fiscal cliff in the US will now be resolved, conditions are improving and the capital markets are currently open.

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