JSW takes no chances despite safe haven aura

Polish state-owned coking coal miner Jastrzebska Spolka Weglowa set the price range for its Z4.5bn-Z5.7bn ($1.6bn-$2.08bn) IPO on Monday, just days after the country’s treasury completed the sale of a 10% stake in insurer PZU for Z3.1bn ($1.2bn) through an accelerated offer. Deputy treasury minister Krzysztof Walenczak said part of the rationale for squeezing in the PZU deal was to re-establish Poland’s reputation ahead of the high-profile JSW IPO.

  • 17 Jun 2011

This was in response to negative press following the disappointment of Poland’s previous privatisation, a Z312m IPO of Bank Gospodarki Zywnosciowej, which had to be cut in price and size. It sold a 15% stake at book value, keeping 24% at the end of May.

"With PZU, we wanted ...

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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
  • 17 Jan 2017
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
  • 17 Jan 2017
1 SG Corporate & Investment Banking 770.06 2 16.80%
2 Goldman Sachs 656.16 2 14.32%
3 JPMorgan 527.28 4 11.50%
4 Emirates NBD PJSC 408.38 1 8.91%
5 Deutsche Bank 321.53 3 7.01%