Geely cashes in on AB Volvo volatility to raise €400m
Chinese automobile conglomerate Geely has used an exchangeable bond to monetise the volatility of its stake in AB Volvo, the Swedish maker of heavy-duty vehicles, to secure €400m of funding at a zero coupon.
Geely, which is rated BBB- with a stable outlook by S&P, worked with banks for more than a year, before launching the transaction late on Wednesday morning, following an extensive pre-sounding exercise with Asian and European investors that covered 90% of the deal prior to launch.UBS, Citi,
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