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Friday, 23 February 2018

Owen Wild' s stories

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  • A screen displays the Dow Jones Industrial Average after the closing bell on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 8, 2018.

    ECM stays calm amid the storm

    Top News | 09 February 2018

    The sharp drop in equity markets globally and an extraordinary spike in volatility has failed to shake ECM bankers and investors. While equities investors have suffered sharp paper losses, there has been no drop in engagement - even on IPOs.

  • Steinhoff flips PSG for quick cash

    Equities | 26 January 2018

    Steinhoff raised some much-needed cash through the sale of most of its stake in investment group PSG Group on Monday. The R7.1bn (US$581m) proceeds will help the South African retailer deal with a funding gap.

  • Spotify logo from company website

    Bankers eye Spotify's non-IPO warily

    Top News | 05 January 2018

    Confirmation that music streaming service Spotify has confidentially filed a 20F application for a direct listing on the New York Stock Exchange has triggered much discussion of the Swedish company’s decision to shun an initial public offering.

  • Saudi kicks off 2018 IPOs

    Equities | 05 January 2018

    The first EMEA IPO of 2018 got underway on January 1. The float is a Saudi REIT and Al Rajhi Capital’s latest fund. The target is to place 42.67m shares at SR10. Proceeds of SR426.7m (US$113.8m) compare with a total size for the REIT of SR1.62bn.

  • Making a difference

    Making a difference

    All Special Reports | 15 December 2017

    Banks and issuers have donated more than £25.5m to Save the Children through the IFR Awards over 22 years. In 2017, IFR deputy editor Owen Wild visited projects in Ethiopia that have been beneficiaries of that support.

  • Equity House and Asia-Pacific Equity House: Morgan Stanley

    Equity House and Asia-Pacific Equity House: Morgan Stanley

    All Special Reports | 15 December 2017

    Morgan Stanley capitalised on the resurgence in ECM in 2017. It maintained its position as a leader of IPOs, built its presence in block trades and remained the bank adviser of choice, making it IFR’s Equity House and Asia-Pacific Equity House of the Year.

  • SSAR Issuer: United Kingdom

    SSAR Issuer: United Kingdom

    All Special Reports | 15 December 2017

    Difficult negotiations to leave the EU, a snap general election that led to a minority government, continuing volatility in sterling and the first interest rate rise in a decade all failed to knock the UK issuance bodies off their feet. Debt issues were remarkably unaffected, while the government finally disposed of its last shares in Lloyds Banking Group. The United Kingdom is IFR’s SSAR Issuer of the Year.

  • Financing Package: UniCredit's Transform 2019 recapitalisation

    Financing Package: UniCredit's Transform 2019 recapitalisation

    All Special Reports | 15 December 2017

    UniCredit’s rapid transformation under chief executive Jean Pierre Mustier was a remarkable feat. He convinced stakeholders that his plan was right and led from the front in selling it worldwide in a rapid sequence of transactions. UniCredit’s recapitalisation is IFR’s Financing Package of the Year.

  • EMEA IPO: Galenica Sante's SFr1.9bn IPO

    All Special Reports | 15 December 2017

    A Swiss pharmacy chain isn’t the sexiest of equity stories, but investor appetite for safe, predictable yields is enormous – especially in a country with negative rates. As a result, Galenica Sante’s SFr1.9bn (US$1.9bn) IPO in April became an unlikely hot ticket, with investors rushing to place orders as soon as the books opened.

  • EMEA Structured Equity House: JP Morgan

    EMEA Structured Equity House: JP Morgan

    All Special Reports | 15 December 2017

    JP Morgan reinvented the mandatory convertible structure in a market-defining trade that left the market scratching its head. The client was so pleased that he returned months later. For true thought leadership plus diversity of product and geography, JP Morgan is IFR’s EMEA Structured Equity House of the Year.

  • BASF

    BASF taps convertible bond for US$250m

    Ticker | 25 October 2017

    Chemicals company BASF successfully raised over US$250m on Tuesday night by tapping its 2023 non-dilutive convertible bonds through JP Morgan as sole bookrunner.

  • Varta sparks interest amid IPO rush

    Equities | 20 October 2017

    European IPOs are coming thick and fast, with investors and syndicate desks trying to juggle them all in one of the busiest periods for ECM in recent memory.

  • HelloFresh

    HelloFresh steps out of Blue Apron's shadow

    Top News | 13 October 2017

    HelloFresh’s IPO barely got going in late 2015 with the meal kit company quietly shelving the float after pre-marketing showed the €2.6bn valuation achieved on the previous funding round was pie in the sky.

  • Martin Franklin's J2 could reach US$1bn

    Equities | 29 September 2017

    The US special purpose acquisition company market is so hot that it may be a surprise that there continues to be a steady stream of UK issuance, but the flexibility the UK version offers to issuers keeps them coming.

  • Martin Franklin's J2 vehicle could reach US$1bn

    Ticker | 28 September 2017

    The US special purpose acquisition company market is so hot that it may be a surprise that there continues to be a steady stream of UK issuance, but the flexibility the UK version offers to issuers keeps them coming.

  • Obituary: John Millar

    Ticker | 27 September 2017

    Equity capital markets veteran John Millar has died at the age of 53 following a long battle with pancreatic cancer.

  • Japanese flag.jpg

    Japanese equity-linked wakes up

    Top News | 01 September 2017

    The Japanese convertible bond market burst back to life last week after a five-month hiatus, with two companies raising a combined ¥190bn (US$1.7bn).

  • Air France plane passes Air Berlin plane during take-off at Tegel Airport in Berlin

    CB investors take Air Berlin parachute

    Top News | 18 August 2017

    Former convertible bondholders were proved right last week when Etihad Airways finally stopped propping up Air Berlin and the airline filed for insolvency. The German low-cost carrier had tried in February to keep convertible investors from exercising a put on 2019 paper by ramping up the coupon and slashing the premium in an exchange, but investors rejected the notion.

  • South Africa bails out Tanzanian IPO

    Equities | 18 August 2017

    Vodacom Tanzania made its long-awaited debut on the Dar es Salaam stock exchange on Tuesday but the largest float in the country’s history, at TSh476bn (US$213m), will still be viewed by some as a failure for not attracting more investor interest.

  • BNP Paribas makes ECM changes

    People & Markets | 14 July 2017

    Paul Frankfurt is returning to ECM in September to lead the blocks business at BNP Paribas. Frankfurt will focus on originating blocks and also support the wider origination effort in ECM, particularly with sponsors where there is a natural overlap.

  • Goldman trio leave, Martin sets up own firm

    People & Markets | 30 June 2017

    A trio of senior bankers are leaving Goldman Sachs, including Daniel Martin, who is setting up his own advisory firm after more than 20 years working in equity syndicate.

  • Downgrade threat for Kuwait Energy as IPO fails to progress

    Equities | 23 June 2017

    S&P last week placed Kuwait Energy’s B- credit rating on creditwatch with negative implications. The rating already had a negative outlook.

  • Kuwait Energy fails to progress

    Equities | 02 June 2017

    Kuwait Energy is expected to concede defeat on its attempt to list on the London Stock Exchange. The IPO was due to raise US$150m and its bonds may be put under renewed pressure as a result, with the company’s B- ratings already on negative watch.

  • GN Store Nord

    Duo break European equity-linked drought

    Top News | 26 May 2017

    Danish hearing aids and headset company GN Store Nord awakened the equity-linked market from its two-month slumber with Tuesday’s €225m five-year bond with warrants issue. And then just two days later South African platinum miner Implats brought a dual-currency convertible to raise US$503m-equivalent.

  • MOVES-Duo to run UK ECM at Barclays after Meyers' departure

    Ticker | 24 May 2017

    Barclays has opted to promote two members of its equity capital markets team to run the UK operation, following the departure of Barry Meyers.

  • Halperin returns to US equity-linked at Barclays

    Ticker | 23 May 2017

    Steven Halperin has relocated to the US for a new role at Barclays as both a senior equity-linked originator and to lead new product development across global finance.

  • UBS logo

    Singapore pain as GIC's loss on UBS tops US$4bn

    Top News | 19 May 2017

    Singapore sovereign wealth fund GIC is facing a loss in excess of US$4bn on its emergency investment in Swiss bank UBS nine years ago, according to IFR calculations.

  • UBS logo

    Singapore's GIC faces US$4bn loss on UBS bet

    Ticker | 16 May 2017

    Singapore sovereign wealth fund GIC Private Limited is facing a loss in excess of US$4bn on its emergency investment in Swiss bank UBS Group nine years ago, according to IFR calculations.

  • Barclays reshuffles investment bank leadership, Dean retires

    People & Markets | 12 May 2017

    Sam Dean is leaving Barclays, eight years after arriving as part of a wave of galacticos to build an equity capital markets business in Europe and Asia.

  • Hemsley out as Numis struggles

    People & Markets | 12 May 2017

    Bank results for ECM this year have included some heady numbers – it is hard to imagine Morgan Stanley’s remarkable 144% revenue increase in Q1 ever being beaten – but they really showed how dreadful 2016 was rather than a splendid performance in recent months.

  • Smooth sailing for Global Ports

    Equities | 05 May 2017

    Global Ports Holding’s decision to abandon an Istanbul listing and set sail for London appears to be just the once-in-a-lifetime trip made by cruisegoers passing through its ports. GPH managed to eradicate memories of its failed domestic IPO attempt in 2015 when the book for its US$200m London listing was covered after three days of bookbuilding.

  • Polish flag

    Dino stands out from the crowd

    Top News | 07 April 2017

    In the flurry of European IPOs over the past two weeks, pricing in the upper echelons of guidance has been noticeably rare. Before Dino Polska’s Z1.65bn (US$414.3m) IPO, the previous four floats in the region had all come at the low end - with one of them actually pricing below original guidance.

  • MOVES-Cook and Spielman to head capital markets at BlackRock

    Ticker | 07 April 2017

    Ed Cook and Ben Spielman have been named as co-heads of global capital markets at BlackRock following the transition of Matt Savino into the alternatives division.

  • Poland

    Dino's off and running

    Top News | 24 March 2017

    A brace of IPOs means Poland is back on equity investors’ radars for the first time in years, and the quick coverage for supermarket group Dino Polska’s float shows institutions are keen to buy.

  • Deutsche Bank headquarters

    Thirty banks sign on for Deutsche rights

    Top News | 10 March 2017

    Deutsche Bank’s latest rights issue will take its total equity capital increases since late 2008 to an eye-watering €31.9bn. Yet it had no difficulty attracting 30 banks to underwrite the €8bn deal.

  • Avantium IPO covered early, increase option not yet employed

    Ticker | 08 March 2017

    Dutch chemicals company Avantium has secured enough demand to ensure its IPO can go ahead. Bookbuilding only began on Monday, but more than two-thirds of the €90m target had been allocated to cornerstone investors ahead of launch.

  • FCA

    FCA puts prospectus front and centre of IPOs

    Top News | 03 March 2017

    Britain’s market regulator has focused on early publication of deal prospectuses and securing independent analyst coverage as it seeks to improve the IPO process in the country, though market participants are sceptical.

  • An exterior view shows an office of RUSAL company in Moscow

    Rusal puts Russia back on radar

    Top News | 17 February 2017

    A sell-down in aluminium giant Rusal provided further evidence last week that Russia is firmly back on investors’ radars. The deal follows the Rbs18.402bn (US$319m) flotation of Detsky Mir, a Rbs14.86bn accelerated sale in PhosAgro and a US$250m five-year convertible bond by steel producer Severstal – all of

  • PhosAgro sale to net Guryev over US$250m

    Ticker | 08 February 2017

    Andrey Guryev, deputy chairman of the board of directors at PhosAgro will raise Rbs14.86bn (US$250.8m) from the sale of shares in the Russian fertiliser producer this evening.

  • Morgan Stanley rejigs EMEA capital markets

    People & Markets | 20 January 2017

    Claus Skrumsager, Morgan Stanley’s co-head of global capital markets in the EMEA region, is moving into the bank’s investment management division to start his own fund.

  • UPDATED: Skrumsager buyside move triggers Morgan Stanley rejig

    Ticker | 19 January 2017

    (Adds Piers Harris move in fourth paragraph)

  • Equity House and Americas Equity House: JP Morgan

    All Special Reports | 16 December 2016

    Equity capital markets activity slumped in every region during the IFR awards period – but the bankers at JP Morgan barely noticed. Despite headwinds throughout the year from various events, JP Morgan did not stumble and delivered for clients, making it IFR’s Equity House and Americas Equity House of the Year.

  • Structured Equity House: Deutsche Bank

    Structured Equity House: Deutsche Bank

    All Special Reports | 16 December 2016

    Deutsche Bank pushed issuers and investors alike with a mix of structuring nous and pricing perfection. The bank led two award-winning deals thanks to an approach to client solutions unmatched by its rivals. Along the way it also picked up a two-thirds increase in market share. Deutsche Bank is IFR’s Structured Equity House of the Year.

  • Financial Conduct Authority (FCA) logo

    FCA targets league tables for reform

    Top News | 21 October 2016

    League table manipulation is one of the greatest issues facing investment banking, according to the UK market regulator. The Financial Conduct Authority’s report into investment banking seemed to declare the issue more important than the apparent corruption in IPO allocations it discovered through extensive analysis, or reciprocity between banks, which it said exists but does not stifle competition.

  • Waha Capital picks Dib as COO

    Ticker | 10 October 2016

    BNP Paribas’s former head of EMEA ECM Alain Dib has joined Waha Capital as chief operating officer, only a few months after leaving the French bank.

  • Innogy logo

    Innogy set to be the biggest IPO since Glencore

    Top News | 07 October 2016

    The Frankfurt spin-off IPO of Innogy was priced at the top of guidance on Thursday with a full upsize option employed, providing Europe with its largest flotation since Glencore raised US$10bn in May 2011.

  • Innogy logo

    Innogy's €5bn IPO the largest in Europe for five years

    Ticker | 06 October 2016

    Innogy’s spin-off IPO will raise €5bn when it prices at the top of guidance with a full upsize option employed, making it the largest flotation in Europe since Glencore in May 2011.

  • Swimming straight into the Nets

    Equities | 02 September 2016

    ECM bankers moved quickly after returning to their desks following the summer break on requests from investors to launch Danish payments business Nets. The IPO is one of the first to launch this side of the holiday break and will likely be one of the larger offerings of the year to-date.

  • MOVES-Danske adds Norum for SSA and FIG coverage

    Ticker | 23 August 2016

    Danske Bank has hired Susanna Norum as a senior originator in the debt capital markets team. Norum will cover financial institutions and sovereigns, supranationals and agencies.

  • Euro bills

    Optimism for European ECM as IPOs return 10%

    Top News | 19 August 2016

    European ECM bankers are increasingly optimistic about the prospects for issuance in the rest of 2016 thanks to the double-digit percentage returns from IPOs in the region this year. Volume-weighted returns from EMEA listings this year are a handsome 10%, a level only two major EMEA indices can top – those in the niche markets of Russia and Egypt.

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