Deal size cut doesn’t save Deutsche Annington

Deutsche Annington, the German landlord, came tantalisingly close to rescuing its IPO on Tuesday evening before eventually deciding to postpone the issue. The company had cut the deal size a couple of hours before the end of bookbuilding but it became difficult to keep the book together.

  • By Nick Jacob
  • 03 Jul 2013

“It came very close but you can’t just put any deal out there,” said one syndicate banker. “Anytime you reduce the deal size it’s difficult to get people to stick.”

Tuesday had started with the bookrunners giving a message that they were more than 80% covered on the base deal, which then ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 318,645.99 1207 8.88%
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3 Bank of America Merrill Lynch 285,392.08 993 7.95%
4 Goldman Sachs 218,480.36 718 6.09%
5 Barclays 210,235.01 814 5.86%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 33,092.37 151 6.77%
2 Deutsche Bank 33,007.84 106 6.75%
3 Bank of America Merrill Lynch 29,018.73 86 5.94%
4 BNP Paribas 25,718.39 146 5.26%
5 Credit Agricole CIB 22,722.30 133 4.65%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 18,707.17 72 9.33%
2 Morgan Stanley 15,215.44 76 7.59%
3 UBS 14,195.29 55 7.08%
4 Citi 14,014.57 86 6.99%
5 Goldman Sachs 12,113.98 67 6.04%