Switzerland
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Forbo Holding, a Swiss maker of floor coverings and construction adhesives, sold some of its own treasury shares via an accelerated bookbuild on Monday evening in the first block of the stock for seven years. -
China plans to increase a limit on foreign equity investors, the PBoC renews a currency swap line with Switzerland, and the International Monetary Fund (IMF) says the renminbi is broadly moving in line with fundamentals.
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Shares in Landis & Gyr, the Swiss maker of energy meters, closed 0.5% higher on their debut Friday, after a dip in morning trading, after the company priced its IPO at Sfr78, above the middle of the Sfr70-Sfr82 initial range.
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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.
