Lyft is seeking a valuation of up to US$21.5bn in its IPO and whether or not it can convince the market that this is reasonable will shape the fate of other highly-valued private companies expected to test US equity markets this year.
Investors struggling to find the terms they want on public leveraged loan vehicles are increasingly turning to an old markets trick: going private.
While politicians and regulators squabble about the merits and risks of a proposed tie-up between Deutsche Bank and Commerzbank, it might in fact be the auditors that have the biggest say on the financial viability of any deal.
The US Financial Industry Regulatory Authority is preparing to file a rule proposal with the Securities and Exchange Commission to require the collection and dissemination of reference data for new corporate bonds. The proposal could see FINRA itself act as a central depository for new-issue information.
African minnow Benin took the difficult road for its bond market debut on Tuesday, as the little-known issuer fought for attention alongside an index-eligible US$3bn three-part trade from its bigger near-neighbour Ghana.
The European corporate bond market is in a state of cognitive dissonance. Thanks to a dovish ECB, average European investment-grade spreads rallied to their tightest levels of the year last week - at swaps plus 83bp according to the iBoxx euro non-financials index - while the primary market has seen yields get crushed and deals multiple times subscribed.
The first batch of listings on Shanghai’s new tech board is set to include China’s first IPO from an unprofitable company.
UK and international banks have signed up in droves to the UK government’s Women in Finance Charter, but despite a raft of measures to foster greater female leadership, gender parity is still a long way from becoming a reality within capital markets.
Deutsche Bank has brought back bonuses for bosses after meeting cost and job-cutting targets for 2018, risking the ire of German unions and investors as the bank mulls a merger with Commerzbank and continues to deliver paltry returns.
Auctions for shareholder sell-downs made a return to European equity capital markets on Tuesday in the form of a brace of accelerated bookbuilds. Though whether that is a welcome return is a matter for debate, as the larger of the two trades was not fully sold by the auction-winning banks.
Air France-KLM issued the first convertible bonds from France in nine months and secured a staggering 70% premium in the process. Its €500m seven-year, put five, convertible bond issue was launched with a 57.5%–65% premium to its current share price. In combination with the above-range premium, the coupon was set at 0.125%, the bottom of 0.125%–0.5% guidance.