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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The year might already be over for ECM bankers – in mid-October. Last week’s broad-based and dramatic corrections in asset prices saw IPOs postponed or cut in size across the world and if markets don’t quickly find stability, the considerable pipeline of deals scheduled for the rest of the year may prove impossible to bring to market.
Challenger bank Aldermore was unable to defy the weakening market backdrop and cancelled its £300m IPO this morning. Bankers had been hopeful yesterday of finding a deal that would work, but conceded this morning.
E.ON is being paid to issue debt after securing a negative yield on bonds exchangeable into Swiss energy company BKW