Switzerland
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The Sfr2.3bn IPO of Landis & Gyr, the Swiss maker of energy meters, has been priced above the middle of its initial range at Sfr78, valuing the business at 10 times its 2018 forecast Ebitda. -
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On Tuesday Nestlé issued its first bond since announcing a Sfr20bn (€18bn) share buy-back programme last month. Three rating agencies cut the Swiss foods group’s rating after the announcement, but there was no discernible drop in demand for this transaction.
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Landis & Gyr, the Swiss maker of energy meters, began bookbuilding on Wednesday for its IPO on the SIX Swiss Exchange, which could reach Sfr2.4bn if it is priced at the top of its range, making it the largest in Switzerland for two years.
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On Tuesday Nestlé issued its first bond since announcing a Sfr20bn (€18bn) share buy-back programme last month. Three rating agencies cut the Swiss foods group's rating after the announcement, but there was no discernible drop in demand for this transaction.
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Credit Suisse was able to raise €1.5bn of callable senior debt in a very strong new issue environment on Monday, as bankers weighed the chances for a busy summer period in the financial institutions bond market.
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Shares in Zur Rose, the Swiss online pharmacy, finished 14% above their offer price after their debut on the SIX Swiss Exhange on Thursday, after the Sfr224m IPO attracted bids from more than 275 investors.
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The IPO of Zur Rose, the Swiss online pharmacy, is due to be priced at the top of its range, to raise Sfr224m, after the bookbuild finished a day early due to the strength of the demand.
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A new Zurich IPO began investor education on Monday, of electric meter maker Landis & Gyr, based in Switzerland. “It’s big,” said a banker on the deal, which may come at about $2.25bn to $2.75bn.
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On Friday, the credit rating agency, DBRS, became the third ratings company to downgrade Nestlé following its announcement of a Sfr20bn ($20.8bn) share buy-back program earlier in the week. It could herald fresh bond issuance, said corporate bond bankers.
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Zur Rose Group, the Swiss-based online pharmacy, told investors this morning that the pricing for its Sfr252m (€231m) IPO was likely to come in the top quarter of the range, thanks to very strong momentum.
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Barry Callebaut, the Belgian-French chocolate company now headquartered in Switzerland, has joined the growing, but still very new, trend of companies taking out syndicated loans with margins tied to their sustainability performance.
