Morgan Stanley
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Tonight, private equity firm Summit Partners, Avalon Holding and Javak Investments have hired Morgan Stanley and UBS to sell a 12.65% stake in Flow Traders, the Dutch market-making firm, after it released its fourth quarter earnings on Wednesday morning.
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The repricing train steams on in European leveraged loans, although several buyouts are coming down the track, offering new paper and the promise of some yield to desperate investors.
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Buoyant secondary markets are continuing to provide ideal conditions for equity sellers to trade blocks. This week has already brought notable sales in France, Finland, Sweden and Russia.
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Terex Corp, the US maker of lifting and material processing machinery, has sold a 9.5% stake in Konecranes, the Finnish crane manufacturer, after a lock-up agreement was waived.
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Spanish travel distributor Hotelbeds is planning an add-on of its original LBO loans to fund the acquisition of Tourico Holidays, a US peer. -
Equate Petrochemicals was on track to print its debut sukuk on Monday. Bankers on the deal said it was likely to print inside where a new conventional bond would come.
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Indian telecom hardware company Tejas Networks is just a few steps away from its IPO, having filed a draft prospectus with the market regulator more than eight years after first proposing the idea of going public.
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The prospect of a far-right leader becoming president of France rocked government bond markets this week. It led to a rare pulled French agency deal and will cause the country’s banks problems with their own huge funding needs. But as other issuers in eurozone countries facing elections showed, the picture of the risks ahead is complicated. Craig McGlashan reports.
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The dollar high grade market slowed to a subdued pace this week following the bonanza of the previous one as corporates with funding needs lined up their documentation after reporting earnings.
