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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The temporary slowdown in IPO issuance created by August holidays has provided an opportunity to assess the deal flow so far this year, with the result revealing a striking increase in the number of bookrunners employed on European IPOs.
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.
French engineering consultancy Assystem is the first European firm to secure 100% equity credit for a convertible bond under IFRS accounting from its auditors, trumping the earlier efforts of firms including Volkswagen and ArcelorMittal.