Sika cheers equity-linked with Sfr1.65bn CB

By Aidan Gregory
15 May 2018

Swiss speciality chemicals firm Sika turned to the equity-linked market this week to raise Sfr1.65bn. The trade was just what investors in the asset class have been crying out for in Europe, but it also served as a nifty corporate financing solution — funding the settlement of a four year long hostile takeover battle with French rival Saint-Gobain.

The trade, which was led solely by UBS, caught some in the European equity-linked market by surprise on Tuesday after several weeks without any issuance in the region, and attracted more than 100 investors into the book, which led to its size being increased from Sfr1.5bn to Sfr.1.65bn, ...

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