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  • HK ECM round-up: KGI Securities, Xinyi Solar, Imperial Pacific

    Taiwan’s China Development Financial Holding said is seeking to list its brokerage unit KGI Securities in Hong Kong, under a plan that will see KGI restructuring its Asia Pacific operations in a bid to grow its business lines across Hong Kong and southeast Asia.

    • 29 Jul 2015
  • Sainsbury’s achieves appealing dual CB-hybrid deal

    J Sainsbury, the UK supermarket chain, raised £500m of hybrid capital on Thursday with twin issues of a convertible bond and a regular hybrid bond.

    • 23 Jul 2015
  • German Startups cans IPO, partly blames rival

    German Startups Group Berlin withdrew its IPO this week, having failed to achieve coverage on the deal, according to a person close to the situation.

    • 21 Jul 2015
  • Rocket Internet bags €550m at 3% with controversial CB

    Rocket Internet, the German internet business group, raised €550m this week with a convertible bond that was criticised by rival bankers, but according to bookrunner JP Morgan was “a super-successful transaction”.

    • 16 Jul 2015
  • Rocket Internet nosedives after €550m CB proves a damp squib

    Rocket Internet, the German internet business group, launched on Monday night its first convertible bond, and raised €550m. But the deal, led by JP Morgan, was criticised by rival bankers, and led to a steep fall in Rocket Internet’s share price on Tuesday.

    • 14 Jul 2015
  • Equity action continues as Greece staggers, China plunges

    It doesn’t matter how long you’ve worked in financial markets – they still regularly surprise you.

    • 08 Jul 2015
  • Sankyo and Towa show CBs kicking amid wild markets

    Amid turmoil in global stock markets, two Japanese companies issued convertible bonds outside Japan on Tuesday. Both achieved successful sales in the middle of their price ranges — though the deals differed markedly in other ways.

    • 07 Jul 2015
  • Hong Kong ECM round-up: Huarong, Alibaba, Yee Hop, Carnival

    China Huarong Asset Management has filed a preliminary prospectus for a chunky $3bn Hong Kong IPO despite the weak performance of its closest comparable, China Cinda Asset Management.

    • 06 Jul 2015
  • Airbus times first CB perfectly

    Airbus, the European aircraft manufacturer, showed just how flashily the convertible bond market can buck trends on June 26, when it issued a €500m deal that won exceptionally good terms, even as other markets frayed.

    • 02 Jul 2015
  • Asia ECM hopes for summer lull to restore calm after China plunge

    The spectacular rise in China’s A-share market has been the stuff of dreams, capturing the imagination of investors the world over. But after a violent correction, Asia’s equity capital markets are on a knife edge, and bankers hope the market will find some calm in the summer, before the year’s biggest trades hit screens in the fourth quarter, writes John Loh.

    • 02 Jul 2015
  • IPOs begin to fall, blocks ruled out as Greece shakes equity market

    Equity capital markets bankers were struggling to remain optimistic on Monday, as IPOs began to be cancelled and block trades were ruled out, amid markets reeling from Greece's proximity to default.

    • 29 Jun 2015
  • Afren’s board in mass exodus ahead of trying AGM

    All but one of Afren's directors resigned on Thursday, ahead of the firm’s annual general meeting, pre-empting what some shareholders had expected would be a bloodbath vote for any historical director seeking re-election.

    • 25 Jun 2015
  • Issuers charge ahead with HK IPOs amid turbulence

    The tide is turning for Hong Kong and China stocks after months of euphoria pushed indices to record highs. But with only a short time left before the summer lull, issuers are still pushing out their IPOs, despite choppy conditions and pushback from investors on valuations, writes Rashmi Kumar.

    • 18 Jun 2015
  • IPOs to fail in summer stampede

    With more than 20 initial public offerings in the market in the pre-summer rush to get deals done, more and more equity capital markets bankers believe not all the transactions can succeed.

    • 17 Jun 2015
  • EQT-owned CBR Fashion plans IPO

    CBR Fashion Holding, a holding company for two German womenswear brands, will seek to raise €200m by selling new shares in an initial public offering.

    • 11 Jun 2015
  • Pfandbriefbank IPO could get €2bn valuation

    Deutsche Pfandbriefbank (Pbb), the specialist German bank nationalised in 2009, announced on Wednesday that it would float in Frankfurt in July, in a deal that one banker said could value it at close to €2bn.

    • 11 Jun 2015
  • Chorus Clean Energy to sell mostly new shares in Frankfurt listing

    Chorus Clean Energy, a German company that operates solar and wind power plants, aims to raise about €100m of new capital in a mainly primary initial public offering.

    • 10 Jun 2015
  • Mauser seeks concessions to make loan IPO-friendly

    Mauser, the German industrial packaging group, is working to a short deadline as it amends its loan documents to make them more flexible for an IPO and a dividend payment.

    • 09 Jun 2015

Block trades

  • Block activity keeps apathy from Europe’s equity capital market

    European equity capital markets bankers were kept occupied with three block sales this week, in a market that had otherwise little to offer in terms of issuance.

    • 30 Jul 2015
  • Bpifrance sells €800m Orange block at discount of just 1.8%

    Bpifrance, the French public investment bank, on Wednesday evening sold an €800m block of Orange shares, in what was the largest and most aggressive accelerated bookbuild of the week so far.

    • 30 Jul 2015
  • Outsize mainland funds flood into Hong Kong ECM

    Chinese equities sent jaws dropping again this week after Shanghai posted its sharpest one-day plunge in eight years. While the market quickly picked itself up, equity capital market bankers believe this seesaw action is a huge incentive for mainland investors seeking a haven in Hong Kong, writes John Loh.

    • 30 Jul 2015
  • India plans share sales but jury out on approach

    India kicked off its yearly divestment programme with a bang this month after it called for banks to pitch for a fresh round of stake sales. But foreign banks have given it the cold shoulder, with only Deutsche Bank showing up to bid. Bankers are split on whether the government’s new approach will help or hurt its divestment plans, as John Loh reports.

    • 30 Jul 2015
  • PFC sizzles as sell-down brings in $250m for India

    Power Finance Corp (PFC) defied gravity on July 27 when the Indian government pulled the trigger on its divestment of a 5% stake, raising the targeted Rp16bn ($250m) even after China worries sent markets tumbling.

    • 30 Jul 2015
  • Central China hits up $327m in block trade

    Central China Securities Co wrapped up its HK$2.53bn ($327m) placement on July 24, allowing its shares to resume trading on July 27 after what had turned out to be a longer-than-usual bookbuilding process.

    • 30 Jul 2015

People and market news

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 230,125.20 889 8.83%
2 Bank of America Merrill Lynch 199,331.24 708 7.65%
3 Citi 197,447.07 750 7.58%
4 Barclays 188,960.20 624 7.25%
5 Deutsche Bank 159,479.32 674 6.12%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2015
1 HSBC 27,727.61 100 7.69%
2 JPMorgan 21,982.84 50 6.10%
3 BNP Paribas 21,419.13 130 5.94%
4 Deutsche Bank 21,038.50 96 5.83%
5 Credit Agricole CIB 17,624.18 80 4.89%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2015
1 UBS 17,011.43 60 9.97%
2 Goldman Sachs 16,393.06 54 9.61%
3 Bank of America Merrill Lynch 14,330.10 59 8.40%
4 JPMorgan 14,207.16 73 8.33%
5 Morgan Stanley 12,306.41 60 7.21%