Europe
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Vallourec’s €480m rescue rights issue is heading for a successful conclusion on Friday April 22, bankers working on it said this week.
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The first block trade in OVS, the Italian fashion retailer, came on Tuesday evening, as Gruppo Coin, the BC Partners-backed retail group that owns it, sold €129m of stock. The trade was not covered.
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Italy’s Fondo Atlante became operational on Thursday morning, having been approved by Italian market regulator Consob and reached the threshold of raising €4bn from its backers. At the same time, the bookbuild has been launched for the IPO of Banca Popolare di Vicenza. -
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Covered bond activity slowed this week with only three deals emerging, half the number seen in the prior week, with Canadian issuers at the fore.
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Aroundtown Property Holdings, the German residential and commercial property company, has abandoned its attempt to induce holders of its €450m pre-IPO convertible bond to convert the bonds to equity.
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ADO Properties, the Berlin housing company, raised €100m on Wednesday night with a 10% capital increase through an accelerated bookbuild, managed by Kempen & Co.
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Despite Argentina soaking up $16.5bn of demand, other emerging market issuers also recorded high levels of oversubscription this week, suggesting EM is awash with cash and ideal conditions for the healthy pipeline of issuers due next week.
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France’s largest property firm, Unibail-Rodamco, issued a €1bn dual tranche bond on Wednesday that included only the third 20 year corporate bond in euros this year.
