Investors to run IPO rule over complex Unipol-Sai tie-up

Rights issues of €2.2bn backing the Unipol-led merger of four Italian insurance groups got going on Monday, with subscriptions opening and roadshows taking place. However trading got off to a mixed start — the deal is complex, involving four separate lines of stock and associated rights — and was highly volatile on tiny volumes this week.

  • 20 Jul 2012

The deal should be looked at with IPO-style metrics, said bankers, as the theoretical ex-rights prices are largely irrelevant given dilution levels of 95% and 99%. Instead, investors should judge it on the basis of valuation multiples, they said.

Investor meetings were held across Europe this week with Monday ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 Citi 22,118.13 61 9.00%
2 Barclays 20,987.41 55 8.54%
3 JPMorgan 17,406.75 53 7.08%
4 HSBC 16,333.52 48 6.64%
5 Goldman Sachs 15,454.74 49 6.29%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Commerzbank Group 114.00 1 66.16%
2 CaixaBank 37.05 1 21.50%
3 UniCredit 10.62 1 6.17%
3 BNP Paribas 10.62 1 6.17%
Subtotal 172.30 3 100.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 10 Jan 2017
1 Emirates NBD PJSC 408.38 1 31.73%
2 SG Corporate & Investment Banking 166.67 1 12.95%
2 JPMorgan 166.67 1 12.95%
2 Credit Agricole CIB 166.67 1 12.95%
5 Morgan Stanley 59.80 1 4.65%