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Thursday, 19 July 2018

Stephen Lacey' s stories

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  • Oasis Petroleum logo

    Oasis Petroleum pays up to enter Permian

    Top News | 15 December 2017

    West Texas oil production reserves are scarce and expensive, as was shown again when Oasis Petroleum paid up to get into the heart of the Permian Basin with its acquisition of Forge Energy.

  • BK Brasil sizzles with local flavour

    Equities | 15 December 2017

    Burger King has been a cash cow for Brazilian private equity firm 3G Capital and its fellow investors, and now things are getting even tastier.

  • 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.

  • North America Equity House: Citigroup

    North America Equity House: Citigroup

    All Special Reports | 15 December 2017

    Equity capital markets across the Americas were marked by diverse investment opportunities in 2017. Yet, against a backdrop of soaring equity valuations, identifying areas of outperformance proved elusive. Citigroup, through a diverse banking platform, provided unexpected sources of alpha, and is IFR’s North America Equity House of the Year.

  • North America Secondary Equity Issue: Formula One's US$1.4bn follow-on

    All Special Reports | 15 December 2017

    It is perhaps apt that Formula One made quick work of a shift in ownership, transitioning from CVC to Liberty Media and onto the public markets in less than a year. The speed is all the more remarkable as CVC had owned the motor racing franchise for more than a decade and twice before had attempted to sell.

  • Latin America Equity Issue: Loma Negra's US$1.1bn IPO

    All Special Reports | 15 December 2017

    Argentina rose from the ashes as a must-own asset class in 2017. But from an equity perspective, the lack of investible options posed a challenge – energy, including former state-owned oil champion YPF, made up 27% of the country’s benchmark Merval Index; utilities 26%; and financials 17%.

  • Americas Structured Equity House: Morgan Stanley

    Americas Structured Equity House: Morgan Stanley

    All Special Reports | 15 December 2017

    Continued low interest rates and liquidity in the straight debt market continue to stifle equity-linked. Competitive cost of capital requires not only more aggressive upfront pricing, but a holistic approach incorporating equity derivatives to enhance economics for issuers. Morgan Stanley met that challenge and is IFR’s Americas Structured Equity House of the Year.

  • Americas Structured Equity Issue: Stanley Black & Decker's US$750m mandatory convertible bond

    All Special Reports | 15 December 2017

    Stanley Black & Decker showed off its financial sophistication with an innovative US$750m mandatory convertible bond issue designed to maximise accounting benefits in a rating-friendly wrapper.

  • Vehicles are displayed at a Carvana dealership

    Carvana raises cash without scrutiny

    Top News | 08 December 2017

    Fast-growing used car retailer Carvana, known for its vending-machine distribution centres, has as many detractors as supporters.

  • Bill Barrett touts credit accretion on merger

    Equities | 08 December 2017

    Bill Barrett, a US E&P in the Denver-Julesberg Basin, was scrutinised for its planned merger with Natural Gas Partners’ Fifth Creek Energy. The merger and related financing promise massive dilution to shareholders combined with the potential for continued cashflow outspend to grow production.