Europe
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Shares in Prosegur Cash, the Spanish cash handling company, closed 3.75% higher in Madrid after it made its stockmarket debut on Friday, having priced its IPO at the top of its revised price range on Thursday. -
The IPO of Neinor Iberica, the Spanish property developer owned by Lone Star Funds, is oversubscribed at its fixed price of €16.46 on the first day of its bookbuild.
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Gates Global, the power transmission belts maker, held a lender call on Friday afternoon London time for a $300m-equivalent euro term loan ‘B’ add-on, having tapped its 2022 bonds on Thursday.
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Crédit Agricole announced a tender of up to €1.5bn of four tier one bonds, and an 'any and all' offer for two other tier ones. Analysts at BNP Paribas said the offer was below market value for one bond and an 'surprising' and 'aggressive' move.
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E.On, the German electricity and gas company, successfully placed €1.34bn of new equity on Thursday night after announcing earlier in the week that it had made a €16bn loss in 2016 due to a writedown of the value of Uniper, the fossil fuels business it span off last year, and costs related to the decommissioning of its nuclear assets.
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Shares in Tullow Oil, the UK oil and gas drilling company, fell 16% on Friday morning after it announced plans for a £607m rights issue to strengthen its balance sheet after oil prices have rallied from their slump in 2015.
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SNCF Réseau is set to bring its second green bond after mandating banks for a Reg S euro benchmark deal on Friday.
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Stada, the German pharmaceuticals firm, has invited private equity bidders to raise their offers for a potential buyout, after a board meeting this week. If the LBO occurs, it would be the largest in Europe since 2015.
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ABN Amro took advantage of the more positive mood that followed Dutch elections and its earnings results to tap its existing 20 year by €750m to make the transaction the largest outstanding deal in that maturity.
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Russia ramped up its renminbi efforts this week with Rusal pricing the first Panda bond from the country. The deal closed on the same day the Central Bank of Russia revealed plans to open a renminbi clearing house ahead of a sovereign bond.
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