Owen Wild is Deputy Editor of International Financing Review based in London. He joined IFR in 2004 as a reporter and has since 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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Fiat Chrysler Automobiles set the market aflutter last week – not with its plans to recapitalise through equity and equity-linked issues totalling several billion dollars in the next two months, but with the IPO of just 10% of Ferrari.
If equity markets had been less welcoming of recapitalisation deals earlier this year, the results of the ECB’s recent assessment of European banking would have been dramatically different. The list of stress test failures released by Europe’s central bank reads like a greatest hits of 2014 equity fundraisings, with the new capital mostly filling the gaps identified.
Fresenius Medical Care has illustrated the flexibility of equity-linked products by removing any threat of dilution from its €400m convertible bond issue. By repurchasing the embedded option through a matching derivative f