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Friday, 21 September 2018

Owen Wild' s stories

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  • Credit Suisse

    MOVES-Credit Suisse picks syndicate duo for ECM origination

    Ticker | 21 September 2018

    Credit Suisse has handed ECM origination roles to two members of its equity syndicate desk.

  • Deutsche Bank headquarters

    Deutsche's Instone ABB falls well short

    Top News | 14 September 2018

    Deutsche Bank’s attempt to place half of the entire share capital of Instone Real Estate in a matter of hours last Monday was the most audacious trade seen in European ECM for years. It was not entirely surprising then that it flopped with less than two-thirds of the shares sold, leaving the German bank as Instone’s largest shareholder.

  • Aston Martin badge

    Aston Martin turns key on IPO

    Top News | 31 August 2018

    Aston Martin Lagonda last week passed a significant milestone, announcing plans to seek a public listing for the first time in the car maker’s 105-year history.

  • German property

    Consus raises €131m for growth plans

    Ticker | 24 July 2018

    Developer Consus Real Estate secured €131m through a capital increase that brought in many new investors with a view to building liquidity in the stock, in addition to providing funds for ambitious development plans.

  • UBS names new heads of ECM for EMEA, Americas

    People & Markets | 20 July 2018

    Gareth McCartney has been promoted at UBS to run equity capital markets in EMEA and Brad Miller and Michael O’Donovan will lead the expansion of ECM in the Americas, in the first changes made by recently installed global head of ECM Javier Martinez-Piqueras.

  • UBS logo

    UBS names new heads of ECM for EMEA and Americas

    Ticker | 19 July 2018

    Gareth McCartney has been promoted at UBS to run equity capital markets in EMEA while Brad Miller and Michael O’Donovan will lead the expansion of ECM in the Americas, in the first changes made by recently installed global head of ECM Javier Martinez-Piqueras.

  • UBS logo

    UBS names new head of ECM for EMEA and Americas

    Ticker | 19 July 2018

    Gareth McCartney has been promoted at UBS to run equity capital markets in EMEA while Brad Miller and Michael O’Donovan will lead the expansion of ECM in the Americas, in the first changes made by recently installed global head of ECM Javier Martinez-Piqueras.

  • adura equities

    Rare rights issue for Nasdaq stock

    Ticker | 18 July 2018

    AC Immune will wrap up an accelerated bookbuild of 8.5m shares after the US close today that could raise nearly US$100m based on the US$11.47 share price at 12pm New York time.

  • Slovenia's national flag flutters next to Nova Ljubljanska Banka (NLB) building in Ljubljana

    Slovenia to attempt NLB float by year-end

    Ticker | 16 July 2018

    The Slovenian government is to take another pass at privatising Nova Ljubljanska Banka, charging Slovenian Sovereign Holding (SDH) with initiating the process as soon as possible that would see a majority of the bank sold through an IPO.

  • belgium century bond

    Cofinimmo rump placed flat to market

    Ticker | 28 June 2018

    Cofinimmo’s €155.2m rights issue ended 80.41% subscribed, but there was no lack of interest in the rump placing that was completed at the spot price.

  • Artist impression of the new link

    Shareholders approve Astaldi rights issue

    Ticker | 28 June 2018

    Shareholders today backed both Astaldi’s planned €300m rights issue and the concurrent acquisition of an 18% stake in the Italian construction company by Japan’s IHI.

  • Soitec shows rarity of high-yield CBs

    Soitec shows rarity of high-yield CBs

    Top News | 22 June 2018

    Soitec raised €150m on Thursday through a five-year convertible bond issue, becoming one of just a handful of lower rated companies to have visited the EMEA equity-linked market this year.

  • Chips and semiconductors in a mobile phone

    Soitec secures €150m through zero-coupon CB

    Ticker | 21 June 2018

    Soitec raised €150m today through a five-year convertible bond, but it is one of too few companies that are visiting the EMEA market this year.

  • An Air France Airbus A319 passenger jet

    Safran raises €700m with convertible bond

    Ticker | 18 June 2018

    The lumpiness in European equity-linked issuance continues with Safran today issuing a €700m five-year CB. The deal is notable as it is a vanilla OCEANE for a highly rated (well, implied) company.

  • Euro bills

    Adyen soars following €950m US-style IPO

    Top News | 15 June 2018

    Adyen’s €946.9m Euronext Amsterdam IPO was the hottest European ECM ticket in years, thanks to a combination that is rare in Europe: a fast-growing profitable tech company, scarcity of stock and a reasonable valuation. The pop in the Dutch payments company’s share price that followed was inevitable – if perhaps larger than expected with shares more than doubling on their first day of trading.

  • A camel owner stands next to his camel as he waits for the start of the Camel Beauty Contest in the town of Selcuk, near the western Turkish coastal city of Izmir

    SOK abandons controversial buyback

    Top News | 15 June 2018

    SOK Marketler was the sole survivor from a trio of Turkish retailers that attempted to float in May, but its IPO success has been undermined by a plan to buy back shares from its major shareholder at a premium to the market price.

  • Dutch

    Adyen pops on Amsterdam debut

    Ticker | 13 June 2018

    Adyen brought a little bit of New York to Amsterdam today with the tech company delivering a first-day pop following its €849m IPO.

  • RBS

    RBS shares struggle after sell-down

    Top News | 08 June 2018

    The UK government failed in its attempt to capitalise on the positive momentum in Royal Bank of Scotland’s share price triggered by a lower-than-expected fine from US authorities for past mis-selling of mortgage-backed securities.

  • The logo of German drug maker Bayer

    All banks are equal on Bayer's €6bn rights issue

    Top News | 08 June 2018

    Bayer was finally able to launch its €6.04bn rights issue on Monday just ahead of closing the US$63bn takeover of agrochemicals company Monsanto later in the week.

  • Swiss Re brings new structure to equity-linked

    Structured Equity | 08 June 2018

    Swiss Re raised US$500m through a six-year non-dilutive convertible bond on Wednesday, but this was not the usual arbitrage of equity-linked versus straight debt that leaves investors cold.

  •  A Royal Bank of Scotland branch

    RBS suffers indigestion after government sale

    Ticker | 05 June 2018

    There was some indigestion today following last night’s government sale in Royal Bank of Scotland.

  • Royal Bank of Scotland logo

    UK government selling 7.7% of RBS

    Ticker | 04 June 2018

    The UK government launched the sale of 925m shares in Royal Bank of Scotland after market close on Monday in an accelerated bookbuild. The sale of 7.7% of the bank should raise around £2.5bn and reduce the government’s shareholding to 62.6%.

  • Arion Bank IPO offers Icelandic discount

    Equities | 01 June 2018

    Arion Bank set the price of its IPO at 0.6-0.7 times book value as at end Q1 2018, slightly below expectations at the start of pre-marketing that was about 0.7-0.8 times.

  • MTN Ghana seeks local support for US$745m IPO

    Equities | 01 June 2018

    MTN Ghana launched its C3.5bn (US$745m) IPO on Tuesday that could be the second-largest float from sub-Saharan Africa, excluding South Africa, behind Kenya’s Safaricom in 2008.

  • pills

    Mithra exceeds fundraising target

    Ticker | 31 May 2018

    Belgium’s Mithra Pharmaceuticals raised €77.5m through an accelerated bookbuild yesterday afternoon led by joint bookrunners KBC Securities and Kempen.

  • A sign sits outside Arion Bank in Reykjavik, Iceland

    Arion Bank IPO offers Icelandic discount

    Ticker | 31 May 2018

    Arion Bank has set the price of its IPO at 0.6-0.7 times book value as at end Q1 2018, slightly below expectations at the start of pre-marketing that was about 0.7-0.8 times.

  • UK Students

    Xior funds for acquisitions

    Ticker | 30 May 2018

    Xior Student Housing is back with another rights issue to fund investments, a little under 12 months since its previous fundraising.

  • Cars drive along a main road in central Beijing.

    Sabre unrattled by BC's sell-down

    Ticker | 30 May 2018

    Barclays priced Tuesday night’s £112.8m sell-down in Sabre Insurance Group at 248p, from guidance of 246.25p to the close of 260p.

  • Scania trucks are parked on compound of retailer in Ludwigsfelde

    STS prices IPO below range

    Ticker | 30 May 2018

    Auto parts maker STS Group was able to price its Frankfurt IPO by dropping pricing slightly below the range. The IPO, which comprised 1m primary and 1m secondary shares, priced at €24 per share versus the €26-€32 range, with a greenshoe of 300,000 secondary shares.

  • Swiss flag

    Klingelnberg brings in outsiders after 155 years

    Ticker | 30 May 2018

    Swiss gear maker Klingelnberg has been family-owned for 155 years but is now making the journey to the public markets under CEO Jan Klingelnberg, the seventh generation to run the company.

  • Lloyd's of London

    Phoenix rights issue to run into July

    Ticker | 30 May 2018

    Phoenix Group set pricing on its long-awaited £950.6m rights issue at a 25.1% discount to the theoretical ex-rights price, in a deal that will part-fund the £1.971bn cash portion of its acquisition of Standard Life Assurance.

  • UBS picks Martinez-Piqueras to head ECM

    People & Markets | 25 May 2018

    UBS has promoted Javier Martinez-Piqueras to global head of ECM after two and a half years running the business in the Europe, Middle East and Africa region.

  • UBS

    MOVES-Martinez-Piqueras steps up at UBS to lead ECM globally

    Ticker | 22 May 2018

    UBS has promoted Javier Martinez-Piqueras to global head of ECM after two and a half years running the business in the EMEA region.

  • sweden US$ bond

    MOVES-BAML adds head of Nordic ECM

    Ticker | 22 May 2018

    Magnus Ericson will join Bank of America Merrill Lynch as head of Nordic ECM in August, reporting to co-heads of EMEA ECM James Fleming and Sam Losada.

  • The logo of the company is seen on a barrel at the plant of Swiss chemical group Sika

    Sika jumbo revives Europe's struggling CB market

    Top News | 18 May 2018

    Fresh from settling a three-year plus battle over its future, Sika secured SFr1.65bn (US$1.65bn) from an upsized seven-year convertible bond through sole bookrunner UBS with a conversion premium set 36% above its all-time high share price.

  • Vodafone

    Vodafone aims to keep leverage in check

    Top News | 11 May 2018

    Vodafone is looking to avoid overloading its balance sheet with debt when it pays €18.4bn to acquire Liberty Global’s assets in Germany, the Czech Republic, Hungary and Romania.

  • A woman talks on a mobile telephone as she passes a Vodafone store in central London

    Vodafone opts for hybrids and mandatory for Liberty acquisition

    Ticker | 10 May 2018

    Vodafone hopes to earn €5bn-€7bn of equity credit on the issue of mandatory convertible bonds and hybrids used to part-finance the acquisition of Liberty Global’s operations in Germany, the Czech Republic, Hungary and Romania for an enterprise value of €18.4bn.

  • NMC Health

    Size matters: NMC Health CB falls short

    Top News | 27 April 2018

    JP Morgan was unable to sell all of NMC Health’s debut bond issue, a US$450m seven-year convertible, even after adjusting terms, making this the second failure out of the last three convertibles in Europe.

  • French flag

    MOVES-Vernet-Garnier new head of finance at APE

    Ticker | 23 April 2018

    French state shareholding authority Agence des Participations l’Etat has appointed Claire Vernet-Garnier as head of finance, succeeding Francois Champarnaud.

  • A policeman walks past a wall sign with the logo of aluminium and power producer En+ Group

    US Russia sanctions hit ECM

    Top News | 13 April 2018

    The expansion of US financial sanctions to capture prominent Russian businessmen and related companies has left investors in recent equity deals nursing heavy losses and led to the cancellation of an IPO launched only the previous week.

  • African IPO opportunities

    Equities | 13 April 2018

    Bankers have been talking up the possibility of issuance from South African companies exposed to the local economy since Cyril Ramaphosa replaced Jacob Zuma as president. The new-found enthusiasm for exposure to South Africa Inc will be tested by Libstar Holdings, while Vivo Energy’s London listing gives exposure across Africa in a UK PLC wrapper.

  • Macquarie

    MOVES-Macquarie hires Lucas as head of European ECM

    Ticker | 13 April 2018

    Macquarie Capital has appointed Charles Lucas as head of European equity capital markets and corporate broking, leading the division across Europe, the Middle East and Africa.

  • A Lazard sign

    MOVES-Gaultier switches to ECM advisory at Lazard

    Ticker | 13 April 2018

    Charles-Henry Gaultier is to join Lazard in June, though he is still having to turn up for work at Deutsche Bank. Gaultier recently resigned from Deutsche where he led coverage of French ECM to switch to covering continental Europe while based in Paris on the advisory side at Lazard.

  • Provident Financial logo

    Shareholders back Provident to bounce back

    Ticker | 10 April 2018

    Doorstep lender Provident Financial secured very strong backing for its £331m rights issue to cover costs related to an investigation into mis-selling at its Vanquis credit card unit.

  • ING Group logo

    MOVES-New heads of equity syndicate at ING and Santander

    Ticker | 28 March 2018

    The heads of European equity syndicate at ING and Santander are moving on, with internal replacements already lined up.

  • Glencore

    Glencore pushes hard on CB pricing

    Top News | 23 March 2018

    Glencore’s US$500m seven-year convertible bond met a rapturous response on Tuesday despite eye-wateringly aggressive pricing.

  • Belts and braces for DWS IPO

    Equities | 16 March 2018

    Deutsche Bank is taking no chances with the float of its asset management unit DWS, underpinning the offering with significant anchor investors and a valuation that should ensure the shares fly off the shelves.

  • BAML's Coben gets new capital markets role

    People & Markets | 09 March 2018

    Craig Coben has been named vice-chairman of global capital markets at Bank of America Merrill Lynch to focus on deepening the bank’s relationships with major clients.

  • Deutsche Bank hedges Voya exposure

    Structured Equity | 09 March 2018

    Deutsche Bank hedged a portion of its long exposure to Voya Financial through the issue of long five-year equity-linked notes Thursday.

  • Bank of America and Merrill Lynch logo

    MOVES-Bank of America Merrill Lynch names Coben vice-chairman

    Ticker | 05 March 2018

    Craig Coben has been named vice-chairman of global capital markets at Bank of America Merrill Lynch to focus on deepening the bank’s relationships with major clients globally.

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