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 remarkable transformation in appetite for peripheral European financials was illustrated again last week as bankers barely batted an eyelid when asked to increase their underwriting commitments for Banca Monte dei Paschi di Siena’s rights issue from an aggregate €3bn up to €5bn.
The UK’s National Audit Office’s report into the £1.98bn privatisation of Royal Mail Group has concluded that the UK government had been cautious in pricing last year’s IPO in order to provide certainty of success against a backdrop of terrible industrial relations – but that the deal could have provided better value for the taxpayer.
Two prestigious ECM mandates were awarded last week for WH Group’s US$5bn–$6bn Hong Kong IPO and the UK government’s latest sale of Lloyds Banking Group, at £4.2bn the largest-ever accelerated bookbuild in Europe.
- Rush for Lloyds
- EQUITIES: UK annuity providers savaged
- Complexity kept away from investors
- EQUITIES: Pets at Home accelerates pricing
- Solidium sells Sampo
- Privatisation of Bankia begins
- King seeks to avoid Zynga saga