Monday, 11 December 2017

Owen Wild' s stories

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  • 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.

  • Dish Network logo

    Dish sells US$2.5bn convert for reasons unknown

    Top News | 05 August 2016

    Dish Network’s rapid accumulation of cash continued with its upsized US$2.5bn 10-year convertible bond last week. The fundraising follows hot on the heels of a US$2bn high-yield bond in June. Both deals exceeded expectations as the convert launched at US$2bn – and with the greenshoe could

  • RWE headquarters

    RWE spin-off on track

    Equities | 05 August 2016

    RWE offered ECM bankers a pick-me-up last week with projections for full-year performance at RWE International ahead of its IPO before year-end. The moniker selected for the new subsidiary is a little confusing as it pools the renewables, grid and retail activities of the group in Germany and abroad. The rump RWE will focus on conventional electricity generation and trading.

  • Buwog logo

    Bemusement at speedy Buwog flip

    Equities | 22 July 2016

    A €375m accelerated bookbuild in Austrian real estate company Buwog generated a flurry of chatter last week as seller Sapinda Invest had purchased the shares just six weeks earlier.

  • ENAV control tower

    First deals show EMEA ECM remains open

    Top News | 01 July 2016

    A successful near-US$1bn accelerated bookbuild and a Swiss IPO that delivered an 8% return on day one added some credence last week to European ECM bankers’ claims that the consequences of the UK’s decision to leave the EU may not be as great as feared – at least for equity capital markets.

  • Algeria Stock Exchange

    IPO cancellation dents Algeria pipeline

    Equities | 24 June 2016

    Hopes that the IPO of Societe des Ciments de Ain El Kebira (SCAEK) would continue the rapid expansion of the Algiers Stock Exchange have been dashed by a lack of interest.

  • Rabobank hands equities to Kepler

    People & Markets | 24 June 2016

    Rabobank is the latest European bank to outsource its equities function to Kepler Cheuvreux, though the emphasis is on the move increasing the bank’s reach rather than it cutting costs.

  • Subordinated bond stands out

    Structured Equity | 10 June 2016

    Construction company BAM’s subordinated convertible bond last week tested investor appetite for higher risk product, after buyers have enjoyed a steady stream of investment-grade paper over recent months.

  • Swiss Prime Site sign

    Swiss Prime Site slashes funding cost with convertible bond

    Ticker | 08 June 2016

    Swiss Prime Site was already in investors’ thoughts when it launched yesterday’s SFr250m (US$259.3m) convertible bond issue – as it also marked the last day to convert the 1.875% convertible issued five years ago.

  • Shape-shifters


    All Special Reports | 02 June 2016

    The past 12 months have seen top borrowers embrace equity-linked bonds for the first time in many years. In Europe, the Middle East and Africa, issuance in recent years has struggled to keep up with bond redemptions, in large part due to the rarity of investment-grade issuers and reliance on small bonds from high-yield issuers.

  • banks

    Qatar builds theme park stake

    Ticker | 31 May 2016

    Qatar Holding has built an 11% shareholding in Dubai Parks & Resorts through the theme park operator’s Dh1.68bn (US$457m) rights issue.

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