Tuesday, 30 September 2014

Owen Wild' s stories

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  • E.ON

    All positive for negative-yield bond

    Top News | 26 September 2014

    E.ON is being paid to issue debt after securing a negative yield on bonds exchangeable into Swiss energy company BKW.

  • Fresenius

    100% debt convertible bond trumps HY

    Top News | 19 September 2014

    Fresenius Medical Care has illustrated the flexibility of equity-linked products by removing any threat of dilution from its €400m convertible bond issue. By repurchasing the embedded option through a matching derivative from joint

  • William Ackman

    Ackman close to US$2bn target

    Equities | 19 September 2014

    Activist investor William Ackman will raise US$2bn in permanent capital with a listing of Pershing Square Capital Management in Amsterdam. Most of the deal was already covered at launch after a cornerstone process received more demand than expected and was set at US$1.5bn.

  • Syndicates swell

    Equities | 22 August 2014

    The temporary slowdown in IPO issuance created by August holidays has provided an opportunity to assess the deal flow so far this year, with the result revealing a striking increase in the number of bookrunners employed on European IPOs.

  • BES

    BES woes raise due diligence questions

    Top News | 08 August 2014

    It was just 53 days between the successful conclusion of Banco Espirito Santo’s €1.045bn rights issue and the Portuguese government rescue that in effect wiped out all equity, with junior debt-holders and shareholders now relying on the bank’s most toxic assets for any hope of a return.

  • Rafale defence military

    Dassault first on the block

    Top News | 01 August 2014

    Airbus is looking at selling its stake in Dassault Aviation, a move certain to arouse both interest and fear among ECM bankers. The 46.32% stake in the defence and civilian aircraft company is valued at €5.2bn so equity sales, if that is the final outcome, would be significant for French league-table sta

  • 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.

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