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Saturday, 23 June 2018

Owen Wild' s stories

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  • 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.

  • 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.

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