Friday, 20 July 2018

Graham Fahy' s stories

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  • Belts and braces for DWS IPO

    Equities | 16 March 2018

    Deutsche Bank is taking no chances with the float of its asset management unit DWS, underpinning the offering with significant anchor investors and a valuation that should ensure the shares fly off the shelves.

  • Bayer rotates banks again on Covestro sale

    Equities | 12 January 2018

    Bayer maintained its commitment to maintaining relationships with a wide group of lenders by again rotating banks when selling shares in plastics maker Covestro.

  • Issuer and Financial Issuer: Banco Santander

    Issuer and Financial Issuer: Banco Santander

    All Special Reports | 15 December 2017

    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.

  • Carige and Creval get underwriting

    Equities | 24 November 2017

    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.

  • Cairge

    'Underwriters' say Carige deal is back on track

    Top News | 17 November 2017

    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.

  • Meal ingredients

    Bakkavor lifts UK IPO mood

    Top News | 10 November 2017

    In the space of a week UK ready-meals supplier Bakkavor has gone from cancelling its IPO – creating fear among other UK companies preparing listings – to pricing a revived deal put together in private. In the interim very little has changed, in terms of either the deal structure or the market backdrop that was blamed for the cancellation (this catch-all excuse is rarely valid).

  • UK listings struggle as two cancel

    Equities | 03 November 2017

    After a remarkable run in Europe without cancellations, two came along at once to reinforce the sense that investors are tired of the anaemic returns delivered by recent IPOs.

  • BAWAG P.S.K. logo is pictured at a branch office in Vienna

    Bawag falters as IPO market cools

    Top News | 27 October 2017

    Bawag has completed Austria’s biggest ever listing, but coming amid one of the busiest periods for European floats in recent years proved costly as the bank’s shares have struggled in the first few days of trading.

  • Varta sparks interest amid IPO rush

    Equities | 20 October 2017

    European IPOs are coming thick and fast, with investors and syndicate desks trying to juggle them all in one of the busiest periods for ECM in recent memory.

  • Varta returns recharged as Voltabox sparks interest

    Equities | 29 September 2017

    German ECM was buzzing with talk of lithium-ion batteries last week as Voltabox set a price range for a Frankfurt listing a day ahead of Varta returning recharged and ready for a second attempt at floating.

  • OnTheMarket abandons mutual model for AIM listing

    Equities | 04 August 2017

    UK property portal OnTheMarket has given up on its mutual structure after two and a half years and is planning a capital increase and an AIM listing.

  • The logo of Swiss-based meter maker Landis+Gyr is seen at an office building in the Swiss town of Zug

    Investors pay up for Landis+Gyr IPO

    Top News | 14 July 2017

    Bankers are naturally reluctant to describe IPOs as hot for fear of attracting the wrong sort of money and creating false hope for the aftermarket - but there is no doubting the excitement around Landis+Gyr’s SFr2.4bn (US$2.5bn) float.

  • Landis+Gyr IPO covered at the top after one day

    Ticker | 13 July 2017

    Bankers are reluctant to describe IPOs as hot for fear of attracting the wrong sort of money and giving investors grounds to complain if an early covered message gives way to a shocking aftermarket, but everything about the Swiss listing of Landis+Gyr suggests the shares are this month’s “must-have”.

  • A street vendor walks in front of Carige bank in Genoa

    Banks offer conditional support for Carige

    Top News | 07 July 2017

    Banca Carige’s shares leapt 23% on Tuesday on the back of a capital strengthening plan anchored around a €500m rights issue for the Italian lender - but the relief rally could have come too soon as the announced backing of Credit Suisse and Deutsche Bank is far from guaranteed.

  • AIB

    What price DTAs? Investors question AIB's valuation

    Top News | 16 June 2017

    The Irish government’s attempt to sell shares in bailed out Allied Irish Banks is being hampered by an argument over the inclusion of deferred tax assets - where past losses can offset future tax liabilities - in its valuation.

  • Dutch government returns for third ASR sell-down in 2017

    Equities | 16 June 2017

    The Dutch government returned to the market on Monday with its third sell-down in ASR this year. The latest sale was underpinned by a commitment by the insurer to acquire 3m shares for cancellation plus interest generated by a management roadshow that followed the Q1 results.

  • aib

    Focus on valuation in AIB float

    Top News | 02 June 2017

    Investors are champing at the bit to buy shares in Allied Irish Banks, but getting them to pay what the government has in mind will require some very sweet talk from the bankers tasked with the €3bn share sale.

  • Barclays almost out of Africa

    Equities | 02 June 2017

    Barclays moved quickly to slash its holding in Barclays Africa after the regulator gave the green light for the share sale earlier last week. The bank was expected to reduce its holding in at least two transactions over the coming months, but extraordinary levels of interest meant that it was able to reach its target level in one super-sized move on Wednesday evening.

  • Fear of missing out impacts Alfa debut

    Equities | 26 May 2017

    Shares in London’s largest public offering so far this year soared on Friday as investors scrambled to buy shares in the open market after extraordinary demand meant many subscribers to the IPO went away empty handed.

  • Smooth sailing for Global Ports

    Equities | 05 May 2017

    Global Ports Holding’s decision to abandon an Istanbul listing and set sail for London appears to be just the once-in-a-lifetime trip made by cruisegoers passing through its ports. GPH managed to eradicate memories of its failed domestic IPO attempt in 2015 when the book for its US$200m London listing was covered after three days of bookbuilding.

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