dcsimg

  • Latest Print Issue
  • April 17 2014

Equity

Top Equity News

ECM Outlook

  • ECM outlook: Russia unlikely to coax back issuers

    Plunging markets in Russia mean there could be no listings in the country for the rest of the year, bankers said this week. Government attempts to persuade issuers to bring their primary listings back to the country will fail, bankers said as tensions between the country and Ukraine increased.

    • 16 Apr 2014

Latest ECM Opinion

  • UK can never relive Lloyds sell-down success with Royal Mail

    The UK government now owns a 24.9% stake in Lloyds and a 30% stake in Royal Mail. But although the National Audit Office has recommended that lessons are learnt from the Lloyds share sell-downs, the performance of the two stocks over the past few months means that wildly different approaches are needed.

    • 01 Apr 2014

Taking Stock

Coverage Message

The world flipped upside down on Thursday: tech became good, banks and property became bad. Barclays held its AGM today ahead of what is likely to be another set of disappointing results. Shareholders clamoured to express concern about high pay and low performance, with key shareholder Standard Life voting against a plan to increases bonuses. One private investor told the assembled shareholders that “We’re paying for Manchester United but we are getting Colchester United.” (He’s wrong: the Red Devils and the blue eagles are both once great but now mid-table British institutions).  Deutsche Bank shareholders are also getting worried about the bank’s capital position.

But the now slightly out of favour tech sector helped provide some salve on Thursday. Apple’s far better than expected results helped lift sentiment across markets, and the company is still cool in China. It’s launched share buybacks, stock splits and a slick new green strategy, the latter of which apparently includes lots of footage of solar parks. And Facebook’s results were a positive surprise, too, with ad revenue continuing to climb. That should keep Mark Zuckerberg out of the therapists’ chair, despite Chinese competitor Webo’s attempts to put him there.

Finally, London landmark the Gherkin — described, now worryingly, as “an icon of London’s City financial district” — was placed into receivership on Thursday afternoon. The problems have been blamed on the owners’ complicated capital structure, some of which is a hangover from the acquisition at the height of the crisis in 2007. But after a run of London property deals over the last year, investors will be hoping there’s not too much to worry about. Although it could be a sign that the City is on a comedown, in more ways than one…


 


Latest Equity News

All International Bonds Ranking

Rank Lead Manager Amount $m No of issues Share %
1 JPMorgan 111,653.77 379 8.03%
2 Barclays 110,498.80 347 7.94%
3 Bank of America Merrill Lynch 101,573.05 316 7.30%
4 Deutsche Bank 99,049.91 375 7.12%
5 Citi 95,827.47 329 6.89%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
1 Credit Agricole CIB 10,459.00 27 7.29%
2 BNP Paribas 9,802.87 42 6.83%
3 HSBC 7,046.12 42 4.91%
4 Deutsche Bank 6,881.34 28 4.80%
5 Barclays 6,583.64 26 4.59%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
1 Goldman Sachs 11,056.32 30 12.62%
2 JPMorgan 8,455.61 40 9.65%
3 UBS 8,369.98 25 9.56%
4 Deutsche Bank 7,347.53 24 8.39%
5 Bank of America Merrill Lynch 7,061.64 18 8.06%