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Wednesday, 30 July 2014

Owen Wild' s stories

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  • Seadrill

    Conciliatory Seadrill returns to right wrongs

    Top News | 25 July 2014

    Seadrill has taken the first steps towards restoring its reputation with equity-linked investors after the Norwegian oil services company offered investors an apology and completed a revised conversion incentive offer on its US$650m 3.375% 2017 bonds last week.

  • Assystem

    First European 100% equity convertible

    Top News | 11 July 2014

    French engineering consultancy Assystem is the first European firm to secure 100% equity credit for a convertible bond under IFRS accounting from its auditors, trumping the earlier efforts of firms including Volkswagen and ArcelorMittal.

  • Seadrill

    Seadrill cancels US$1bn convert

    Top News | 11 July 2014

    Structured equity bankers were left asking what damage repeat issuer Seadrill has done to its future equity-linked issuance after ruthlessly inflicting unnecessary losses on its bondholders. Concerns also extended to the fallout for the rest of the John Fredriksen empire, which has been a prolific issuer and

  • MoEx

    Moex marks Russian ECM return

    Top News | 04 July 2014

    Fears that US banks would be frozen out of Russian capital markets because of US government sanctions were eased last week as an American trio were employed on the privatisation of Moscow Exchange. Most significant was the inclusion of JP Morgan in the Rbs16bn (US$467.4m) accelerated bookbuild as the bank led, with Morgan Stanley, Ukraine’s US government-backed bond in May.

  • STMicro almost misses the party

    Structured Equity | 27 June 2014

    Semiconductor companies used to dominate the equity-linked market as they exploited elevated volatility levels that distracted hedge fund investors from the fundamentals of their business. Yet they have faded away to be replaced by real estate firms as volatility has receded as both motivator and pricing determinant.

  • Wizz IPO

    UK IPOs: successes outweigh failures

    Top News | 20 June 2014

    The London Stock Exchange has now lost three listings since mid-May after Wizz Air and BBI Diagnostics last week cancelled IPOs, joining Fat Face in the failed section of the pipeline. Yet the small number of failures among a plethora of pricings – 14 in the UK during the same period – means that bankers are far from concerned about the flops and are more focused on some extraordin

  • Alcatel-Lucent

    Alcatel-Lucent's cost-free debt

    Top News | 06 June 2014

    Alcatel-Lucent returned to the equity-linked market last week, less than 12 months after launching its turnround. Last June’s 4.25% five-year convertible bond marked the start of its so-called “shift plan”, and the French technology company’s progress was illustrated when it paid investors nothing for the same tenor last week.

  • Travelport IPO returns four years later

    Top News | 06 June 2014

    One of the most significant IPO failures in the ECM annus horribilis of 2010 has returned, as Travelport last week filed with the SEC for a US float.

  • AGM

    Few miss out on Deutsche's rights issue

    Top News | 23 May 2014

    After months of questions and a 25% slump in its stock price since January, Deutsche Bank took just days to finally deal with the capital millstone that has hung around the neck of Germany’s largest bank since the days of former CEO Josef Ackermann. The €8bn capital raising outlined on Sunday

  • Deutsche Bank

    Deutsche adds 19 more banks for €6.3bn rights issue

    Capital City | 21 May 2014

    Deutsche Bank has finalised the syndicate for its €6.3bn rights issue with 25 banks now underwriting. The German bank is at the top of the syndicate, but is unable to underwrite its own issue so has corralled a large group for a variety of reasons.

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