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Monday, 18 December 2017

Graham Fahy' s stories

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  • 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.

  • BNPP

    Investors confused by BNPP sale

    Top News | 05 May 2017

    The Belgian government sold 2.5% of BNP Paribas on Wednesday evening though a somewhat convoluted structure that perhaps explains why lead banks were left with some of the shares.

  • AIB sale haunted by Royal Mail ghost

    Equities | 28 April 2017

    At the time of its IPO, Allied Irish Banks will issue warrants to the Irish government that provide political cover should the share price surge once the state has sold its stake.

  • Lone Star shuns bulge-brackets for Forterra clean-up

    Equities | 21 April 2017

    Bulge-bracket banks might not have much appetite for pesky mid-cap sell-downs, but even so, it must sting a bit when the little guys steal your lunch.

  • Popular to make bankers very unpopular

    Equities | 13 April 2017

    ECM bankers face the daunting prospect of having to call investors for yet another capital increase in Banco Popular, less than 10 months after the bank tapped shareholders for €2.5bn.

  • Spain

    Sun shines on Spanish ECM (again)

    Top News | 31 March 2017

    Spanish corporates have been quick to capitalise on tentative signs of an economic recovery by bringing IPOs, encouraging investors with bargain valuations.

  • Medica pops 38% on debut

    Equities | 24 March 2017

    Medica Group has made the kind of spectacular trading debut on the London Stock Exchange that is usually reserved for New York listings. Shares in the x-ray and medical scanning specialist closed at 186p last Tuesday for a first-day pop of almost 38% on an IPO pricing of 135p per share.

  • Poland

    Dino's off and running

    Top News | 24 March 2017

    A brace of IPOs means Poland is back on equity investors’ radars for the first time in years, and the quick coverage for supermarket group Dino Polska’s float shows institutions are keen to buy.

  • Ardagh's small package

    Equities | 17 March 2017

    In among the hot IPOs for a maker of premium-priced parkas and a software company - Canada Goose and MuleSoft, respectively - Irish packaging company Ardagh more than held its own. Years after first telling bond investors it was planning an IPO, the deal finally came and found broad demand despite high leverage.

  • Ardagh

    Ardagh up 18% on small float

    Ticker | 15 March 2017

    Shares in Irish packaging company Ardagh were up by more than 18% in early New York trading after the company priced its IPO in the upper end of its pricing range.

  • Spanish construction

    Neinor to test appetite for new homes

    Top News | 10 March 2017

    The listing of a Spanish homebuilder would be a remarkable achievement in a country where there are still over half a million unsold houses. Yet extensive marketing to investors in advance of launch means bankers are confident that the IPO of Neinor Homes will be successful.

  • Jean Pierre Mustier

    UniCredit's near perfect rights result

    Top News | 24 February 2017

    UniCredit has achieved overwhelming market support for its €13bn capital raise – the biggest from a bank since the depths of the crisis – with 99.8% of rights being taken up during the subscription period, an impressive result for the struggling Italian bank.

  • Blistering pace for Lloyds sell-down

    Equities | 03 February 2017

    The UK government has taken just 15 trading days to reduce its holding in Lloyds Banking Group by another 1%, setting a pace that, if maintained, would see the stake sold entirely by the summer through its highly effective dribble-out programme.

  • Chancellor of the Exchequer Philip Hammond leaves 11 Downing Street

    Lloyds dribble-out shows the way

    Top News | 13 January 2017

    The UK government’s bold use of a dribble-out programme to steadily dispose of unwanted shares in Lloyds Banking Group has raised billions of pounds apparently without adversely impacting the bank’s share price, raising the question of why the strategy is not used more often f

  • A man looks at a UniCredit logo

    UniCredit woos substitute investors

    Top News | 13 January 2017

    UniCredit is courting new investors to support its €13bn rights issue amid concerns that not all of its current shareholders will be willing – or able – to take up their rights in a transaction that is vital to turning around Italy’s biggest bank.

  • UniCredit bank headquaters

    UniCredit fees an oasis in an ECM desert

    Top News | 06 January 2017

    The 19 underwriters of UniCredit’s €13bn rights issue should make the most of their fat fees as there will be few other pay days in Italy in the coming months, with a series of Italian banking recapitalisations likely to be orchestrated by the state behind closed doors – as in the case of Banca M

  • FCA proposals dampen appetite for FxPro

    Equities | 06 January 2017

    London-based currency trading broker FxPro has cancelled plans for a public listing as regulators prepare to impose stricter rules on firms offering contract-for-difference products to retail customers.

  • EMEA Equity Issue: Dong Energy's DKr19.7bn IPO

    All Special Reports | 16 December 2016

    Transformation stories are a tough sell in ECM, with outcomes hinging on the ability of the issuer to convince and inspire. But Dong Energy, together with its banks, adeptly navigated a minefield of investor anxieties that ranged from the future of green subsidies to concerns about a massive expansion plan ahead to ensure a successful Copenhagen listing.

  • Monte dei Paschi bank headquaters

    Monte dei Paschi faces bailout

    Top News | 09 December 2016

    Banca Monte dei Paschi di Siena may have little option but to ask for a government bailout after the European Central Bank rejected a plea to extend the deadline on its €5bn recapitalisation efforts by three weeks.

  • Varta Microbattery logo

    Varta shrugs off tricky calendar

    Equities | 04 November 2016

    The owner of battery producer Varta Microbattery is pushing ahead with a plan to raise cash and chase the next big thing in energy storage, even if it means negotiating a difficult IPO market and the volatility that comes with an unpredictable US presidential election.

  • Banca Monte dei Paschi Siena

    Recast BMPS rescue still reliant on tricky NPL deal

    Top News | 28 October 2016

    Banca Monte dei Paschi di Siena unveiled an ambitious turnaround plan last week, but its recast recapitalisation still hinges on a €28bn bad loan securitisation that remains marred by deep uncertainty.

  • Dis-Chem to list on JSE

    Equities | 21 October 2016

    One of South Africa’s largest pharmacy groups, family-owned Dis-Chem, is to seek a listing on the Johannesburg Stock Exchange after a share issue that allows its owners to reduce their stakes.

  • Lloyds Bank

    UK government returns to dribble-out

    Equities | 07 October 2016

    The UK chancellor has abandoned a plan to sell shares in Lloyds Bank to retail investors as it would not recoup cash that taxpayers invested in the bank because of the promise of a 5% discount combined with a depressed share price. The move was expected with the change of leadership in the UK (see “B

  • Pure Gym logo

    Low-cost gyms spark investor interest

    Equities | 16 September 2016

    A consumer shift to low-cost no-frills gyms triggered a flurry of ECM activity last week in the UK’s leading discount operators.

  • Banca Monte dei Paschi Siena

    Hopes for BMPS rescue fade

    Equities | 09 September 2016

    Italian ECM bankers think that institutional investors are so tired of Banca Monte Dei Paschi di Siena’s all-too-frequent calls on their cash that even a downsized share issue of €3bn – reduced from the €5bn needed through a debt-for-

  • Banca Monte dei Paschi Siena

    BMPS numbers don't add up

    Top News | 26 August 2016

    Bankers working on Banca Monte Dei Paschi di Siena’s €5bn capital increase are struggling to come up with a structure that ensures the success of the share issue, while respecting the pre-emptive rights of its shareholders.

  • Iceland's national flag and a church are seen in the town of Vik, Iceland

    Iceland comes in from the cold

    Top News | 19 August 2016

    Reykjavik could soon be a regular destination for ECM bankers if moves to further ease capital controls introduced after the 2008 financial crisis are approved by Iceland’s parliamentarians.

  • UniCredit bank headquaters

    Italian banks to investors: more please

    Top News | 29 July 2016

    Banca Monte dei Paschi di Siena and UniCredit may both be forced into highly-

  • Deutsche Bank headquarters

    Deutsche makes inroads into Elis stake

    Equities | 29 July 2016

    Deutsche Bank continues to chip away at the mountain of Elis shares it acquired when a fluffed sell-down left it with more than 12% of the French hygiene and laundry group on April 14.

  • Buwog logo

    Bemusement at speedy Buwog flip

    Equities | 22 July 2016

    A €375m accelerated bookbuild in Austrian real estate company Buwog generated a flurry of chatter last week as seller Sapinda Invest had purchased the shares just six weeks earlier.

  • UniCredit bank headquaters

    Cheeky bidders outmanoeuvred by UniCredit

    Equities | 15 July 2016

    UniCredit provided the two largest accelerated trades in European ECM last week as its new CEO set about raising cash and restoring confidence in the capital-light lender.

  • Jean-Pierre Mustier

    Mustier makes his mark at UniCredit

    Top News | 15 July 2016

    Jean-Pierre Mustier started his first week as chief executive of UniCredit at a canter, selling down part of the Italian group’s stakes in domestic lender

  • ENAV control tower

    Italy stays the course with Enav IPO

    Top News | 08 July 2016

    The Italian government is pushing ahead with a public offering of shares in air traffic controller Enav even though investors are using the current market turmoil to extract a hefty IPO discount.

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