Equity

Latest news

  • UBS reopens block trades with 6% of ISS for Ontario Teachers

    Ontario Teachers' Pension Plan is selling a Dkr2.5bn (€335m) block of shares in ISS, the Danish cleaning and facility services company, on Wednesday night, in the first accelerated bookbuild of European shares so far this week.

    • 02 Sep 2015
  • Bank Pocztowy braves choppy market with ‘high quality’ IPO

    Rarely has confidence in equity markets been more savagely battered during August than this year. But hopes that issuance of new deals will be able to continue in the September-December season were raised today by the launch of investor education for two IPOs.

    • 01 Sep 2015
  • Symetis launches heart valve IPO for Sfr80m

    Symetis, a Swiss company that makes artificial heart valves, began investor education today for an IPO of up to Sfr80m on SIX Swiss Exchange.

    • 01 Sep 2015
  • Ingenico drops on rumours of takeover bid for Worldpay

    The share price of Paris-listed Ingenico plummeted on Friday, even as the Cac 40 index rose, after it was reported that the firm was considering a merger with UK payment processing company Worldpay.

    • 01 Sep 2015
  • ECM on tenterhooks as stocks bungee jump ahead of primary parade

    Equity capital market bankers, many of them having just completed the traditional late summer migration from deck chair to desktop, put on brave faces this week, as they took in the sudden collapse, then partial recovery, of global stocks.

    • 27 Aug 2015
  • Market collapse is regrettable, but timing is not, say ECM bankers

    The collapse of Chinese stocks and the continued drop in the price of oil, along with the ripple effects those have had in exchanges worldwide, have shocked market participants and the broader public, but among ECM bankers many think the collapse could not have come at a better time.

    • 26 Aug 2015
  • Royal Reesink contemplates 2016 IPO

    Reesink, the Dutch equipment distributor, intends to float in Amsterdam in early 2016, the company said in its half-year report.

    • 26 Aug 2015
  • Eight more banks to work on ABN Amro’s IPO

    NL Financial Investments, the organisation that handles the Dutch state’s shareholdings, has selected eight investment banks as bookrunners and co-lead managers for ABN Amro’s highly anticipated flotation.

    • 26 Aug 2015
  • South Africa’s Mediclinic closes rights issue

    Mediclinic, the South African healthcare group, achieved strong pick up on its R10bn ($770m) rights issue to fund its takeover of Cinven’s remaining stake in London-listed Spire Healthcare.

    • 25 Aug 2015
  • Pakistan Exchange gains steam as Sebi relaxes anchor rules

    Regulators in Pakistan are close to signing a memorandum of understanding to merge the country’s three stock exchanges, in a move aimed at consolidating trading volumes and issuers onto a single platform.

    • 25 Aug 2015
  • Little chance of renewed ECM activity as global stocks collapse

    If anyone had hoped this week would bring a gradual return to normal levels of issuance in European equity capital markets, they may be in for a surprise.

    • 24 Aug 2015
  • Sanne Group spent £11m on IPO

    Sanne, the corporate administration provider, spent £7m on transaction costs for its initial public offering in March, the firm said in its half year results.

    • 24 Aug 2015
  • Sweden's TF Bank readies Frankfurt listing, picks banks

    TF Bank, a Swedish fintech business, is preparing the launch of its initial public offering on the Frankfurt Stock Exchange, and has appointed a bank to lead the deal.

    • 20 Aug 2015
  • Biotie issues convert and new shares

    Biotie Therapies raised €83.3m in the first half of the year from the issue of convertible notes and from an initial public offering in the US, the company said on Thursday.

    • 20 Aug 2015
  • Chorus Clean Energy remains committed to IPO, CEO says

    Chorus Clean Energy, the German solar and wind power plant operator that pulled its initial public offering last month, still hopes to go public.

    • 19 Aug 2015
  • New Capital appoints equity fund manager

    New Capital had appointed John Leahy specialist UK equity fund manager to strengthen its European and equity franchise.

    • 19 Aug 2015
  • Stock Connect a step towards East-West market harmonisation, says Omgeo

    Last year's launch of the Shanghai-Hong Kong Stock Connect and the technical challenges that followed it highlight the need for continued harmonisation of market practices, according to Omgeo, a post-trade processing firm.

    • 19 Aug 2015
  • Apax buys IPO hopeful FullBeauty

    Apax is acquiring a majority stake in FullBeauty Brands, the US plus-size fashion retailer, and has obtained the commitment of four banks to the deal’s debt financing.

    • 18 Aug 2015
  • Finland's SRV to raise €50m in rights issue

    The board of directors of SRV Group, the Finnish construction company, has decided on the terms of the firm’s €50m rights offering.

    • 18 Aug 2015
  • Avanti runs $125m tap sale in-house

    British satellite data communications company Avanti on Tuesday tapped its $370m debut bond sold in 2013 for an additional $125m.

    • 18 Aug 2015
  • Adler Real Estate plans convert issue

    Adler, the German real estate company listed in Frankfurt, intends to issue a €175m mandatory convertible bond to help fund the acquisition of MountainPeak Trading Limited.

    • 17 Aug 2015
  • Investec hires from Macquarie for sales team

    Investec has appointed Roger Lee, an equities banker, to its largecap European sales team.

    • 17 Aug 2015
  • The collapse of Afren, part 1 of 7: From rescue to disaster

    The collapse of Afren, the once-proud London-listed oil exploration and production company with three bond issues to its name, is a shocking reminder of the risks investors face in emerging markets, and of how even some of the most sophisticated players in financial markets can get things drastically wrong.

    • 13 Aug 2015
  • Afren drama holds five sharp points for investors

    There aren’t many corporate insolvencies that would make a good movie. But any scriptwriters out there wanting to emulate the success of the Enron film should read our coverage of Afren this week.

    • 13 Aug 2015
  • Goldman leads at the interval, but UBS is playing a blinder

    With equity capital markets at their nadir of summer somnolence, mid-August is the moment at which the year’s rivalry between investment banks can truly be said to have completed its first half, with the second semester not yet begun.

    • 13 Aug 2015
  • Equity investors hedge bets as vol points to bumpy ride

    Beneath listless summertime stock market trading, options markets continue to signal increasing worry.

    • 10 Aug 2015
  • UBS revamps trading management

    UBS has overhauled the senior management of its trading business, as Kevin Arnold, head of FX, rates and credit for the Americas, has been given a new cross-asset role that includes equities.

    • 13 Aug 2015
  • ECM bankers busy on autumn’s deals as issuance flatlines

    Equity capital markets transactions have halted almost entirely for the summer, but preparations for the autumn’s deals continue apace.

    • 12 Aug 2015
  • Global Liman chairman fined on IPO cancellation

    Mehmet Kutman, the chairman of Global Liman, has reportedly been fined TL617,000 ($223,000) by the Turkish regulator for claims related to the cancellation of the Turkish cruise operator’s initial public offering.

    • 12 Aug 2015
  • Recticel increases share capital

    Recticel, the Belgian manufacturer of polyurethane foam products, increased its share capital on Tuesday following the exercise of warrants.

    • 12 Aug 2015
  • Poste Italiane IPO moves forward, adds banks

    The privatisation IPO of Poste Italiane, set to be one of the highlights of the ECM calendar in the second half of 2015, took another step forward on Tuesday when the company filed its request for listing to Borsa Italiana and its prospectus to Consob for approval.

    • 11 Aug 2015

More ECM stories

Equity-linked

  • Biotie issues convert and new shares

    Biotie Therapies raised €83.3m in the first half of the year from the issue of convertible notes and from an initial public offering in the US, the company said on Thursday.

    • 20 Aug 2015
  • Adler Real Estate plans convert issue

    Adler, the German real estate company listed in Frankfurt, intends to issue a €175m mandatory convertible bond to help fund the acquisition of MountainPeak Trading Limited.

    • 17 Aug 2015
  • Asia Cement paves way for $400m CB

    Taiwan’s Asia Cement Corp is looking to end its more than two year absence from the convertible bond market, having obtained board approval for a $400m offering on August 11.

    • 12 Aug 2015
  • 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
  • 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

  • UBS reopens block trades with 6% of ISS for Ontario Teachers

    Ontario Teachers' Pension Plan is selling a Dkr2.5bn (€335m) block of shares in ISS, the Danish cleaning and facility services company, on Wednesday night, in the first accelerated bookbuild of European shares so far this week.

    • 02 Sep 2015
  • Asia ECM round-up: Sampoerna, Coal India, CCCC Dredging, Al-Salam

    Cigarette maker Philip Morris flagged off pre-deal investor education for an up to Rph26.70tr ($1.92bn) follow-on transaction in its Indonesian subsidiary HM Sampoerna on September 2, with the process set to run for two weeks.

    • 02 Sep 2015
  • IOC sell-down: a dark day for India divestment

    The Indian government scored a big coup last week, selling a stake in Indian Oil Corp (IOC) on a day when markets globally were roiling in volatility. But the fact that it relied on the Life Insurance Corporation of India (LIC) to push the deal through is wrong, and casts a shadow on the country’s divestment programme.

    • 01 Sep 2015
  • Snowbird axes SGX listing as Jindal, Pacific Spac press on

    Frankfurt-listed Snowbird, a Chinese down manufacturer, has cancelled plans to seek a secondary listing in Singapore, amid a wave of panic selling that has gripped stock markets this week.

    • 26 Aug 2015
  • Update: Tense finish for India's $1.42bn IOC sell-down

    It was a tense finish for the Indian government’s Rp93.96bn ($1.42bn) sell-down of its stake in Indian Oil Corp (IOC) with books only covered just before the transaction was due to close thanks to late bids from state-owned insurers.

    • 24 Aug 2015
  • Asian stocks stage brutal sell-off as ECM at risk

    Following an already disappointing week, Asia’s equity markets suffered another brutal sell-off when trading re-opened on Monday. The turmoil is confounding market watchers and turning up the heat on ECM, with bankers saying new issuance may be fighting a losing battle.

    • 24 Aug 2015

People and market news

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 31 Aug 2015
1 JPMorgan 243,969.85 964 8.84%
2 Bank of America Merrill Lynch 210,446.44 761 7.63%
3 Citi 205,935.79 792 7.47%
4 Barclays 203,416.66 665 7.37%
5 Deutsche Bank 169,399.16 717 6.14%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 01 Sep 2015
1 HSBC 32,368.00 126 7.61%
2 BNP Paribas 28,138.91 163 6.62%
3 Deutsche Bank 23,183.31 112 5.45%
4 JPMorgan 22,530.82 53 5.30%
5 Credit Agricole CIB 19,896.43 97 4.68%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 01 Sep 2015
1 Goldman Sachs 18,546.79 60 10.27%
2 UBS 18,071.09 62 10.01%
3 JPMorgan 14,894.81 76 8.25%
4 Bank of America Merrill Lynch 14,330.10 59 7.94%
5 Morgan Stanley 13,773.06 64 7.63%