Owen Wild is Deputy Editor of International Financing Review based in London. He joined IFR in 2004 and in the past seven years has worked across Equities, Structured Equity and Derivatives sections as both reporter and editor. Prior to becoming deputy editor in 2010, he had global responsibility for IFR’s ECM coverage. Before joining IFR, Owen covered foreign exchange markets. Follow Owen on Twitter @IFR_Owen
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It was just 53 days between the successful conclusion of Banco Espirito Santo’s €1.045bn rights issue and the Portuguese government rescue that in effect wiped out all equity, with junior debt-holders and shareholders now relying on the bank’s most toxic assets for any hope of a return.
Airbus is looking at selling its stake in Dassault Aviation, a move certain to arouse both interest and fear among ECM bankers. The 46.32% stake in the defence and civilian aircraft company is valued at €5.2bn so equity sales, if that is the final outcome, would be significant for French league
Fears that US banks would be frozen out of Russian capital markets because of US government sanctions were eased last week as an American trio were employed on the privatisation of Moscow Exchange. Most significant was the inclusion of JP Morgan in the Rbs16bn (US$467.4m) accelerated bookbuild as the bank led, with Morgan Stanley, Ukraine’s US government-backed bond in May.