Switzerland

The Swiss Exchange has acquired a microwave trading company that could accelerate the time it takes to transmit trades.

CEVA Logistics, the freight management and contract logistics company, priced its IPO on the SIX Swiss Exchange at the bottom of the range on Thursday.

CEVA Logistics, the freight management and contract logistics company listing in Switzerland, has narrowed the price range on its IPO. The books are covered in excess of the deal size in the bottom half of the range.

Polyphor, the Swiss pharmaceutical company, began bookbuilding on Friday for its IPO on the SIX Swiss Exchange, with a price range that values it at up to Sfr401m.

CEVA Logistics, the Swiss freight management and contract logistics company, has set the range on its IPO, valuing it at Sfr1.5bn to Sfr1.8bn. It has also secured a cornerstone investment from shipping company CMA-CGM.

Adecco, the Swiss temporary staffing company, has become the latest blue chip to use a sustainability-linked loan structure for its main corporate revolving credit facility.

HNA, the Chinese conglomerate, has postponed the flotation of Swissport, the Swiss air freight handling company, citing unfavourable market conditions.

CEVA Logistics, the Swiss logistics and freight company, will provide Europe’s choppy IPO market with its first big test of investor sentiment since before the Easter holidays, having filed an intention to float document on Monday.

South Korea’s GS Caltex Corp sealed a Swiss franc denominated bond on Thursday, diversifying away from its usual Korean won and US dollar funding.

Peking University Founder Group Co, BOC Aviation and Yuexiu Property Co are meeting investors for their upcoming bond plans, while China National Chemical Corp’s Swiss subsidiary Syngenta is also gearing up for a mega deal.

Commodity trader Glencore received a glorious response from the loan market to its latest refinancing, with the size of its annual revolver leaping by almost $4bn during syndication to close at $9.7bn. But senior bankers warned that this is a sign of lender desperation, not borrower strength, writes Michael Turner.

Commodity trader Glencore has ramped up the size of its short term revolver by almost $4bn between syndication launch and signing, with dozens of banks piling into the refinancing exercise in the latest example of deal starved lenders scrabbling for places to put money to work.