UBS

Old loyalties and simmering disputes are dictating the winners and losers in the race for top billing in Italian FIG, writes David Rothnie.

Two equity block trades came out in the European market on Tuesday evening, both of which achieved successful sales.

ASB Bank, the fully owned subsidiary of Commonwealth Bank of Australia, extended its curve on Tuesday with a €500m seven year covered bond. But the deal received less than half the demand than ANZ New Zealand did in September despite offering a pick-up to it.

Nets, the largest Nordic digital payments processing company, has confirmed that Deutsche Bank stabilised its share price after its IPO on September 23, when the company’s share price closed at Dkr145, down 3.3%, on its first day of trading.

One of the most regular names in Europe’s equity block trade market, Abertis Infraestructuras, was the subject of another deal on Monday night, with regular bookrunners UBS, Bank of America Merrill Lynch and JP Morgan at the helm.

ConvaTec, the UK medical supplies company, has announced plans for an IPO of at least $1.8bn (£1.4bn) on the London Stock Exchange this autumn in an intention-to-float document issued on Monday morning.

Shares in Takeaway.com, the Dutch online fast food delivery company, closed 6.5% above their IPO price on Friday, after the company completed its €328m IPO on the Amsterdam Stock Exchange.

Sonova’s voice was heard on Thursday when it offered an age-defining, odds-defying triple tranche whopper to the Swiss market. All of the Sfr760m ($787.2m) paper matures within five years, half of the paper offers negative yields and none of it left Switzerland.

UBS is seeking the agreement of investors to change the maturity structure of two hard bullet covered bonds to soft bullets with a 12 month extension.

GlaxoSmithKline disposed of its remaining 6.2% stake in Aspen Pharmacare, one of Africa’s largest pharmaceuticals companies, through an accelerated book build launched on Wednesday evening in a deal that was said to be comfortably oversubscribed after a wall-crossing process.

Fullerton Healthcare Corp plans to raise up to S$270.8m ($199m) in an IPO on the Singapore Exchange, launching the deal on Thursday.

Pfandbriefbank Schweizerischer Hypothekarinstitute placed on Tuesday a dual tranche deal in Swiss francs. The shorter tranche was fashioned into a 12 year clip to entice investors looking for positive yield.