UBS
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Dätwyler, the Swiss electronics company, has signed £497m of loan facilities backing its Sfr1bn (£700m) acquisition of Premier Farnell, which makes the Raspberry Pi mini-computer.
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Taiwanese green technology firm Giga Solar Materials Corp raised $110m on Tuesday with its debut dollar convertible bond, its first visit to the equity-linked market in nearly two years.
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Taiwan’s Giga Solar Materials has launched a $100m convertible bond with an option to increase the size by up to $25m.
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China Development Bank Leasing Co has started testing investor appetite for its potential $1.2bn IPO, according to sources familiar with the matter.
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Dong Energy’s IPO, the biggest in Europe so far this year, achieved a strong result, both in its bookbuild, which raised Dkr17.1bn ($2.6bn), and on its first day of trading on Thursday, when the shares jumped 10%.
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Block trade activity built steadily in intensity this week, reaching a crescendo on Thursday evening with a burst of deals including Airbus’s exit from Dassault Aviation. Also out on Thursday were Apax’s clean-up of Auto Trader shares and a block of shares in Spanish property company Colonial. Deutsche Bank was on almost every deal.
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Shares in Van Lanschot, the Dutch wealth management firm, jumped 5% on Thursday after it announced the pricing of its ‘re-IPO’ early in the morning.
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NordLB’s Luxembourg subsidiary issued its longest maturity covered bond on Tuesday and paid a paltry premium, but the double digit pick-up failed to draw much excess demand.
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A resurrection of what should have been last year’s biggest deals from Veritas and a euro deal from Altice point to a leveraged loan market that has returned to good health, writes Max Bower.
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Westpac New Zealand’s €750m five year this week attracted the largest order book and was priced at the tightest ever spread for a New Zealand covered bond. Bank of New Zealand is set to follow.
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Shares in Erste Bank and Euskaltel closed nearly 4% lower on Wednesday after two block trades were executed in their shares on Tuesday evening.
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The June crop of IPOs should all be brought home by the end of this week, leaving the market bare for the dangerous mid-June weeks when the UK will be holding its referendum on leaving the EU.