Despite global uncertainties, Sweden’s robust economic fundamentals pave the way for an increase in corporate transaction activity in the second half of 2025. Nordea’s view is that interest rates are likely to remain low, and the bank’s experts accordingly expect a pickup in deals.
While global markets grappled with geopolitical uncertainty in the first half of 2025, Sweden’s economy remained resilient, and Nordea is expecting a recovery in the second half of the year. The country’s strong fundamentals provide a solid foundation for growth and increased business activity.
“We’re optimistic,” says Göran Svensson, Head of Corporate Finance Sweden at Nordea. “While concerns about geopolitical shifts remain high on the agenda, we still see an increased inflow of new assignments.”
Sweden’s economy benefits from several key factors, including expansionary fiscal policy, a qualified workforce and significant investments in research and development. The manufacturing sector has remained stable, even amid global trade conflicts.
Inflation is under control, and interest rates are expected to remain low. According to Nordea, the Riksbank is likely to maintain its current rate at 2% or cut rates. These conditions create fertile ground for growth and investment.
“We foresee a pickup in transaction activity in the second half of the year,” says Svensson. “There are signs companies are ready to move forward with plans that have been on hold. We expect increased activity in both equity and debt markets.”
There are signs companies are ready to move forward with plans that have been on hold. We expect increased activity in both equity and debt markets.
While growth is on the agenda, companies are proceeding with caution, with CFOs and treasurers focused on financial risk management. They’re looking at how to ensure liquidity, secure diverse funding sources and manage exposures to a range of risks, from interest rate and FX risk to commercial price risk.
This focus is crucial in the current global landscape, with the ongoing war in Ukraine, unrest in the Middle East and US policy uncertainties. Swedish companies have shown an ability to be flexible and adapt, even in challenging circumstances.
In this context, strong financial partnerships are crucial. As one of the largest financial services group in the Nordic region, Nordea is well positioned to be that partner. With a full suite of products and services, ranging from cash management and transaction banking to bonds and loans, Nordea provides the comprehensive support needed in today’s complex environment.
“From financing to diverse capital market instruments, we’re committed to supporting our clients’ ambitions,” says Linda Ågren, Head of Large Corporates & Institutions Sweden at Nordea. “Our Nordic scale and strong balance sheet allow us to be a reliable and agile partner, even in volatile times, guiding our clients through their most significant transactions.”
Our Nordic scale and strong balance sheet allow us to be a reliable and agile partner, even in volatile times, guiding our clients through their most significant transactions.
Nordea demonstrated that strength earlier in the year when it served as Joint Global Coordinator and Joint Bookrunner in Asker Healthcare Group’s SEK 10.2bn IPO on the Nasdaq Stockholm, which closed just before 2 April when the US President announced a wave of new tariffs on his self-branded “Liberation Day.”
With financial markets stabilising, the stage is set for a surge of deals. Nordea stands ready to support.
This article originally appeared in the Swedish financial newspaper Dagens Industri.
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