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Existing investors and sector specialists back logistics landlord’s push into sector as top 20 take roughly three-quarters of the allocations
Streamlining of IPO process just two months after consultation closed as the market prepares for post-summer IPO activity
Sale comes after the expiry last month of a pre-emptive acquisition rights agreement between the main family holding companies
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Chinese streaming platform Bilibili returned to the equity-linked market on Thursday, kicking off bookbuilding for a $650m convertible bond, according to a source familiar with the matter. -
Citigroup’s new architecture to make its banking, capital markets and advisory (BCMA) group a fitter competitor in sustainability and ESG issues emphasises two channels of communication, according to Manuel Falcó, co-head of BCMA, through the most senior rainmakers and a cadre of younger enthusiasts.
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Citi was the sole bookrunner and underwriter on a Sfr2.55bn block trade in Sika, the Swiss chemicals company, sold by Saint-Gobain on Tuesday night — but the deal was not covered.
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Technicolor has asked its lenders to waive a default condition so it can appoint a conciliateur and begin a consensual debt restructuring process that includes €400m of new financing and a debt-for-equity swap. This follows the failure of the company’s planned €300m rights issue, announced in mid-February but thrown off course by the coronavirus pandemic.
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Investors welcomed a €781m trade in Italian payments firm Nexi on Tuesday evening after three of the sellers from the firm’s IPO took advantage of a recent rally in the share price to cut some of their stake.
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Equities and investment-grade bonds are overpriced in developed markets, according to Tommy Garvey, member of the asset allocation team at GMO. The US-based investment firm has just slashed its exposure to developed equity markets.
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