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Sunday, 19 May 2019

Upfront

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  • Still standing

    When the US-China trade dispute escalated once again at the beginning of last week, IFR called a DCM contact to ask whether a deal from EM issuer NEPI Rockcastle would be going ahead. The forthright response was along the lines of “Are you joking? Did you see the market? A complete bloodbath.”

  • Selling pressure

    Bankers on Uber’s IPO were well aware that its debut might be a tricky one. While the ride-hailing company placed 180m shares in its US$8.1bn IPO, bankers had no idea how many of the company’s shares would be offered for sale once trading began from those not subject to the traditional IPO lock-up.

  • Dog days

    PetSmart creditors have been seething for months. They are now up in arms after private equity owners – led by BC Partners – had the cheek to use loose covenants in bond documents to take 20% of the fast-growing online Chewy business (a subsidiary of PetSmart) for themselves as a dividend, while shifting a further 16.5% out of creditors’ reach.

  • Blast from the past

    Synthetic CDOs – the structure central to the 2008 financial crisis – are enjoying a sharp pick-up in volumes. More investors are getting involved and banks are hiring staff to trade these complex products.

  • Pause for breath

    There have finally been enough IPOs in Europe to start forming a view on the market – to the extent that a coherent IPO market exists – but European floats take longer to settle than they once did and more of an aftermarket is needed to make a sensible assessment of this wave.

  • Get stuffed

    Private equity firms are shaking up the status quo in Europe’s leveraged loan market by favouring – and rewarding – investment banks over their commercial bank rivals on buyout loans.

  • Not so Popular

    When the European Central Bank took charge of the oversight of European systemically important banks in late 2014, the shift was supposed to herald a big improvement in the monitoring of the region’s banks.

  • In need of a Lyft

    It would be an understatement to say it’s been a tough start to the year for equity capital markets bankers. After three long months of delays, cancellations and downsized deals, it’s finally official: 2019 has had the worst start to a year since the global financial crisis.

  • Bidding war

    Equity capital markets bankers in Europe are facing up to the worst first quarter in the EMEA region for years. Issuance has reached less than US$16bn, down 62% year-on-year and with no major deals scheduled to be priced in the final week of the quarter. Only the US$19.1bn raised in the first quarter of 2009 – as the financial world was still mired in crisis – comes close to being as bad.

  • Not in the game

    Deutsche Bank bosses don’t have much skin in the game. That should be a worry for investors and staff as the bank enters critical talks about a potential merger with Commerzbank.

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