UBS

Bain Capital has completed its second block sale of shares in Ibstock, the UK brick maker, since its £354m IPO on the London Stock Exchange in October 2015.

Rating: Baa2/BBB-/BBB+

Swiss healthcare firm Roche returned to its native market on Wednesday with a Sfr1.5bn ($1.49bn) triple tranche trade in the largest ‘Matterhorn’ — a deal of Sfr1bn or more — since its last outing in 2012.

RAG-Stiftung, the German state-backed foundation set up in 2007 to support the discontinuation of the country’s coal mines, tapped the equity-linked market for a third time on Thursday with a €525m note exchangeable into shares in Evonik Industries, the German speciality chemicals company.

Singapore-listed Ascott Residence Trust launched a fully underwritten renounceable rights issue this week, as OUE Commercial Real Estate Investment Trust raised funds via an overnight share sale.

OUE Commercial Real Estate Investment Trust bagged S$150m ($106.3m) in an overnight share sale on Wednesday, fully exercising the increase option.

Covered bonds issued this week by Axa Bank and Lansforsakringar Hypotek (LF Hyp) were priced at — or inside — fair value, partly reflecting a technical squeeze that was aggravated by the European Central Bank’s move to step up purchases in the secondary market.

Ocelot Partners, a special purpose acquisition company founded by LionTree Partners, Andrew Barron and Martin Franklin, this week successfully completed its $425m IPO on the London Stock Exchange.

Italy drew a more than a twice oversubscribed book on Tuesday and priced well inside guidance as it brought its second syndication of the year, a €3bn May 2028 inflation-linked BTP.

Lansforsakringar Hypotek (LF Hyp) has issued its longest dated covered bond which, with a positive spread to mid-swaps, gives a slight premium to other Swedish banks but no concession to its own curve.

Five new IPOs were announced in EMEA this week as the market enters a crucial window in the run-up to Easter.

Italy has mandated banks for its second syndication of the year, after a month in which its spread to closest peer Spain has tightened.