Europe
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The UK Debt Management Office started its 2016-17 funding programme by auctioning £5.25bn of debt this week, using a mechanism it has introduced to enhance Gilt price discovery.
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The first block trade in Worldpay since its £2.5bn IPO in October took place on Wednesday evening, as Advent and Bain, its private equity owners, sold a 13.75% stake for £740m. The sale went very well, as it was soon increased and priced at a tight discount. -
Covered bond borrowers in the UK, Sweden, France, New Zealand and the Netherlands met with strong receptions for their transactions this week, which collectively raised nearly €6bn.
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The Schaeffler family’s €1.24bn clear-out block trade in Schaeffler non-voting shares failed to clear on Monday night, leaving the four lead banks long of the stock.
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ABN Amro issued the largest 15 year euro covered bond in a decade and priced it as Bund prices rallied to historic highs, igniting a search for yield.
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Dutch dairy firm FrieslandCampina has completed the second ever green Schuldschein, increasing the deal by a third in syndication.
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Bank of Cyprus will aim to complete its move to the London Stock Exchange as early as possible in the second half of 2016 — though whether any equity capital will be issued or sold as part of the new listing is not yet clear.
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Delta Lloyd will announce on Thursday evening or Friday morning the take-up for its controversial rights issue, which was cut in size from €1bn to €650m after public protests from some investors. The exercise period ended at 2pm CET on Thursday.
