Europe
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Bain Capital and Cinven have agreed to buy Stada, the German generic pharmaceuticals firm, for €4.1bn, in what Dealogic shows is the biggest public-to-private buyout of a European company for four years. -
Expecting the unexpected has been market philosophy since the Brexit vote last June. Adherents may well have thought that made Marine Le Pen a certainty to win this year’s French presidential election.
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Risk appetite propelled CEEMEA into a bullish second quarter with nearly $16bn of bonds printed in Easter week. Saudi Arabia led the charge with a $9bn sukuk, but demand for duration played into the hands of KazMunayGas which raised $1.25bn of 30 year debt.
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Corporate issuers are expected to have to pay higher new issue premiums after Easter, marking a sharp change from the skimpy concessions seen over the last few weeks, as a trio of macro factors begin to weigh on investor sentiment.
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Swiss Prime Site, LGT Bank and the City of Zurich took advantage of a quiet market, placing Swiss franc bonds with domestic investors before Easter holidays.
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The corporate bond market came to a standstill on Wednesday, prompting investors to warn issuers deciding to wait until after the Easter break that they will likely be forced to pay up.
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Refresco, the Dutch soft drinks and juices bottle maker, has rejected a €1.4bn buyout approach from PAI Partners, only two years after it floated at a valuation of around €1.1bn.
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Credit Suisse and UBS have strengthened their grip in their home market, but with Switzerland leading Europe’s cross-border M&A revival, they face stiff competition from ambitious foreign rivals, writes David Rothnie.
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US high yield corporate default rates — a market led by companies in the commodity and energy industries — have seen little improvement despite the stabilisation of oil prices, CreditSights data showed on Wednesday.
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The European Banking Authority (EBA) has approved a partial waiver to the Capital Requirements Regulation (CRR) that allows German covered bond issuers to take exposures to a wider range of counterparties but with a lower minimum rating.
