Graham Fahy is a capital markets reporter at IFR, with a focus on initial public offerings and equity capital raising. Before joining Thomson Reuters, he was an equity trader at Exane BNP Paribas.
Facing one of the largest funding programmes of any European bank, Banco Santander needed to show more than a touch of creativity to keep on track. For managing a complex global issuance programme across a web of different entities – with a €7.1bn rights issue thrown in for good measure – Santander is IFR’s Issuer and Financial Issuer of the Year.
Italian FIG was back on the ECM menu last week as banks knuckled down for underwriting a rescue package for Banca Carige and a mid-tier bank set out the case for funding M&A through a rights issue.
Banca Carige’s management scrambled to save the Italian bank’s capital-strengthening plan on Friday after the banks that provided volume underwriting for its €560m rescue capital increase balked at signing up for full underwriting.