UBS

The €1bn IPO and highly dilutive capital increase of Veneto Banca is thought likely by bankers involved to be bought in its entirety by Fondo Atlante, as happened to the similar €1.5bn deal for Banca Popolare di Vicenza at the beginning of May.

Equity capital markets bankers can feel satisfied that good planning led to an orderly and successful completion for half a dozen IPOs at the beginning of June, before fears of a possible Brexit really bit into market confidence. But they are now starting to assess the likely effects of the referendum on June 23.

Credit markets showed their capacity to surprise this week, as a varied array of issuers, including high yield and emerging market companies, raised funds, even though a referendum that could lead to the first country leaving the European Union is only a week away, writes Jon Hay.

Covered bond volumes were higher this week than last even as mounting fears of a UK decision to leave the European Union lead to greater volatility and increased execution risk.

Taiwanese green technology firm Giga Solar Materials Corp wrapped up its debut dollar convertible bond this week, raising $110m on Tuesday. For its first visit to the equity linked market in nearly two years, the low profile issuer had to provide a 100% asset swap to entice investors, writes Jonathan Breen.

The pre-summer rush for IPOs in Hong Kong is well underway with three companies starting investor education this week, even as stocks started Monday with a wobble.

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.

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.

Taiwan’s Giga Solar Materials has launched a $100m convertible bond with an option to increase the size by up to $25m.

China Development Bank Leasing Co has started testing investor appetite for its potential $1.2bn IPO, according to sources familiar with the matter.

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%.

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.