Weekly Market Report: June 22

The Week Ahead

  • EU Commission president Ursula von der Leyen and her team will present the bloc’s draft general budget for next year and report on the EU’s performance in 2019.

  • Flash PMIs from various countries are also expected to be the main events this week. They are particularly significant as they will indicate how economies have performed in June as countries ease their lockdown measures.

  • Any optimism may disappear however when the IMF updates its economic forecasts on Wednesday.

Industry Specifics

Technology

  • German payments firm Wirecard is looking to develop a new financing strategy after Moody slashes the company rating to junk. There is no update about either the missing 1.9bn. euros or the results of the discussions with the lending banks concerning credit lines.

Financials

  • Piraeus Bank has hired JPMorgan and UBS to sell two portfolios of soured loans worth about 7bn euros, struggling to clean up its balance sheet and tackle a new debt crisis. The bank, led by Christos Megalou, has also bundled about 300 million euros of secured corporate debt in a portfolio known as Trinity which is up for sale, the same source said.

  • Nordic Capital is trying to raise its tenth private equity fund targeting 5bn euros. Should it succeed, this would be the largest capital pool to date.

Healthcare

  • Mid-market firm Inflexion has acquired New York-listed pharmaceuticals company Perrigo’s British drug manufacturing for an undisclosed sum.

Main Recent Deals to keep an eye out for…

  • Wells Fargo & Co said its investment adviser Wells Fargo Investment Institute will sell its feeder fund platform to fintech firm iCapital Network for an undisclosed amount.

  • U.S. private equity firm KKR said it had reached an agreement to buy Dutch vacation parks firm Roompot from French private equity firm PAI Partners.

  • Swedish private equity firm EQT AB said it had agreed to sell its credit business to European buyout fund Bridgepoint.

Sources: Reuters, Private Equity News, Financial Times

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