Europe
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AB Volvo, the Swedish maker of trucks and buses, has sold its entire stake in Deutz, the German maker of diesel engines, for €196m, through an accelerated bookbuild on Thursday night.
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Cooperativa Muratori & Cementisti (CMC), the construction firm, proved there are pockets of demand for the industry, despite the recent troubles of another Italian cooperative, Manutencoop. -
Leveraged loan investors have recently started to win victories on deal terms, but on Thursday French engineering firm Socotec brought confirmation that market conditions are still in favour of borrowers. However, another of this week’s deals underlined the fact that investors can sometimes succeed in getting better terms.
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China’s FX reserves gained $3bn in June, the UK’s renminbi deposits grew in the first quarter of 2017, and China and Russia agreed to establish a joint investment fund for Belt and Road infrastructure projects.
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Deutsche Bank Singapore is tapping the syndicated loan market for a $100m-$150m fundraising, and recently sent out a draft term sheet to potential lenders, said bankers.
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Instituto de Crédito Oficial (Ico) sold its third social bond on Monday, printing €500m of four year paper with what bankers on the trade said was a skinny new issue premium.
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Equity volatility in the US and Europe has been limited in the past month as geopolitical risk from European elections has faded, but US corporates could be heading to trouble.
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Guarantor: Kingdom of Belgium (51%), Republic of France (45%) and Grand Duchy of Luxembourg (3%)
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In one of the liveliest weeks for Polish IPOs for years, Raiffeisen Polska’s flotation was pulled, debt collector GetBack priced its listing at the bottom of the range, and Play Communications, the mobile phone company, achieved a covered book on the market’s biggest IPO for five years.
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