Europe
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Bain Capital and Cinven have agreed to buy Stada, the German generic pharmaceuticals firm, for €4.1bn, in the biggest private equity acquisition of a European company for four years. -
Romania was offering a 20bp new issue premium for both a new 10 year euro bond and a re-opening of its existing 2035s on Monday morning, according to a lead banker.
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Representatives from Russia’s Ministry of Finance met with several investment banks in London last week, as the sovereign sought to persuade them to work on its next bond deal.
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Intesa Sanpaolo has objected to a report by a Russian news agency that it was "considering not syndicating" its €5.2bn loan to finance the acquisition of shares in Rosneft by Glencore and the Qatar Investment Authority.
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Deutsche Bank has successfully completed its fourth capital raising since the financial crisis, as investors backed CEO John Cryan's turnround plan with a 98.9% take-up rate.
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The year's biggest IPO so far in EMEA has also proved one of its most successful. Galenica Santé, the Swiss pharmacies group, attracted over 1,000 investors, priced at the top of its range and rose 10% on its debut.
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After a successful sale of €250m of seven year covered bonds in January, the Republic of Slovakia’s largest issuer, VUB, is now preparing for a 10 year sale, where it expects to issue €250m covered bonds in an auction on April 20.
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March data from the European Central Bank showed that it has continued to reduce the share of bonds it buys in the secondary market, a trend that has been running since August 2016. Total purchases have also been falling for well over a year, but despite this slow-down, major price distortions continue to exist.
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Shares in Hollywood Bowl, the largest ten pin bowling lane operator in the UK, dropped 3.3% on Friday morning after Electra Partners, the private equity group, sold the remainder of its stake through an accelerated bookbuild.
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A German MEP reignited the explosive topic of London-based euro clearing on Tuesday, proclaiming that “EU citizens decide on their own money.” A move to force euro clearing to take place inside the eurozone could raise the cost of derivatives collateral and damage risk management, lawyers warned, as well as denting the City's position as a financial centre. Costas Mourselas and Jean Comte reports.
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The sterling corporate debt market had a rip-roaring week with £1.4bn of debt printed as issuers looked to take advantage of the surprise rally in Gilts since the UK officially began the process of leaving the European Union by triggering Article 50 last week.
