Geely cashes in on AB Volvo volatility to raise €400m

By Aidan Gregory
13 Jun 2019

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.


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