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Equity

GlobalCapital Equity Capital Markets Awards 2016: the winners

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The IPO of Innogy was voted Equity Capital Markets Deal of the Year and JP Morgan judged ECM Bank of the Year in GlobalCapital's 2016 Awards - read the full results here.

The  winners of GlobalCapital's Equity Capital Markets Awards for 2016 were announced on Wednesday night at our second ECM Awards Dinner, held at the Banking Hall in London.

The Awards comprise Deals of the Year and Awards for Best Non-Bank Market Participants, which are determined by a poll of market participants, so that they reflect the opinion of the market.

They also include awards for the Banks of the Year, which are judged by GlobalCapital's editorial team.

Peter Terium, CEO of Innogy, collecting the Award for Equity Capital Markets Deal of the Year, recalled how his son had sent him a web posting in which Bloomberg had hailed his "financial alchemy". This reflected how the €4.6bn IPO had transformed one struggling company, RWE, at risk of being downgraded to junk, into two healthy ones: a debt-free RWE and a growth-orientated, investment grade Innogy.

Chris Roberts, managing director at JP Morgan, accepting the Award for Equity Capital Markets Bank of the Year, paid tribute to the clients the bank had worked for and expressed his determination to do the same in 2017.

Jos Baeten, CEO of ASR Nederland, Akkie Lansberg, who was the IPO lead, and David Wyatt, managing director at NLFI, the Dutch state investment agency, accepted the Awards for Financial Institution ECM Deal of the Year and ECM Deal of the Year in the Benelux, for the privatisation IPO of the Dutch insurance company. The share price has risen more than a third since the IPO, in which investors recognised the company's strong capitalisation and yield.

Paul Moraviec, CEO of ConvaTec, the UK medical products company that floated for £1.6bn in October and is now in the FTSE 100, received the Award for ECM Deal of the Year in the UK and Ireland and paid tribute to the hard work of his CFO Nigel Clerkin and shareholders, Nordic Capital and Avista Capital Partners. ConvaTec's strong position in a vital market convinced investors at a time when many other IPOs failed.

Banco Popular's €2.5bn rights issue, which raised its non-performing asset provision to the optimal level, won Best Equity Capital Raising by a Listed Company, as well as ECM Deal of the Year in Iberia. Javier Moreno, CFO, collected the Award and thanked the bank's staff as well as its advisers.

“We are delighted to have been granted the Equity Capital Markets Award," a spokesperson for the bank said. "We truly appreciate your support even though our last capital raise results don’t allow us to be satisfied.”

Bayer's finance team of Sven Vorstius, Ute Bonenkamp and Dominika Gödde collected the Award for the German life sciences company's €4bn mandatory convertible bond in November, which broke off the first part of the $19bn equity financing of its planned acquisition of Monsanto. The meticulously planned deal was executed overnight, with a concurrent placement of stock for hedge funds wanting to hedge the deal. With much of the deal's financing still to do, including a rights issue planned for closer to the time the acquisition receives regulatory approval and closes, Bayer's team are likely to be busy again this year.

Two smaller, high growth companies won Awards for their IPOs. The IPO of the Year under $300m was awarded by a big margin in GlobalCapital's poll to Technogym, the Italian maker of gym equipment.

Pierluigi Alessandri, co-founder of the company, and Carlo Capelli, a board member, collected the Award with Javier Abad, partner at Arle Capital Partners, the private equity firm that has backed the company. The €187m IPO, intended to launch the company into a new phase of growth under its motto "health is the new luxury", has returned 81% to investors.

The Best Technology or Biotech IPO Award was won by Takeaway.com, the Dutch takeaway delivery group that has a commanding market share in the Netherlands and has expanded to eight other European countries and Vietnam.

Jitse Groen, who founded the business in his attic as a student 17 years ago, and Jörg Gerbig, who founded the German business Lieferando that Takeaway.com bought in 2014, collected the Award, with CFO Brent Wissink. Groen was in buoyant mood despite the company's share price having fallen 6.7% that day after results. After all, that still left the stock 40% up since the September IPO.

The ECM Deal of the Year in France and the Benelux was received by Yves Bataillon Debès, head of corporate finance at Air Liquide, the French industrial gases company whose €3.3bn rights issue, the biggest last year, was heavily oversubscribed. Some 36% of the company's shares are held by retail investors, an extra challenge for the deal, but the market's support for Air Liquide's acquisition of Airgas ensured a strong reception and the shares have risen since.

Air Liquide's deal was also nominated for the overall Deal of the Year - as were the IPOs of Enav, the Italian air traffic control system, and Dong Energy, the Danish oil-to-wind group.

Enav's €834m privatisation IPO in July was the first time an air traffic control organisation had been listed on the stockmarket. It met a strong demand for stable yield among investors, with some growth uplift from the projected growth in traffic through Italian airspace. Stefano Songini, head of investor relations at Enav, accepted the award of ECM Deal of the Year in Italy on behalf of the company and the Italian Ministry of Economy and Finance, which had sold a stake in the deal. The transaction was also notable for being executed in the extremely challenging conditions just after the UK's Brexit referendum.

Dong Energy's Dkr19.7bn IPO got in ahead of the Brexit vote, and impressed voters for the strong demand it generated for a complex, transformational equity story, led by an acclaimed management team. The deal won Privatisation of the Year and ECM Deal of the Year in the Nordic Region, which were accepted by Peter Obling, lead M&A specialist at Dong Energy.

Steinhoff International won two Awards for different deals, which were collected by David Hill of its M&A team. The South African furniture and household goods manufacturer and retailer is on an acquisition trail, and executed two major capital raisings in 2016, as part of a busy 18 months for the company, which has acquired a Frankfurt listing.

Its €1.1bn convertible bond, issued in April, was designed to help it finance multiple M&A situations, and was just what equity-linked investors wanted after a series of equity-neutral deals: a straightforward structure, which they snapped up despite Steinhoff having issued several times before. The deal won ECM Deal of the Year in Turkey, the Middle East and Africa.

Then in September, the company raised €2.45bn of equity capital, of which €1.9bn was underwritten by its core shareholders, and €556m raised in an accelerated bookbuild. This deal, which involved the shareholders financing their investments using derivatives, won Structured Equity Deal of the Year.

Linklaters took Best Law Firm for Equity Capital Markets, having worked on several of the year's Award-winning deals, while Rothschild, which advised issuers on several of them, including Bayer's equity-linked triumph, won Best ECM Adviser.

Among the banks, Goldman Sachs won IPO Bank of the Year, ECM Bank of the Year for Financial Institutions and ECM Bank of the Year for Private Equity, reflecting its market share growth in sponsor-led deals and IPOs, and its continued command of top line positions on financial deals.

UBS scooped Block Trade Bank of the Year after a strong year of interesting transactions with a performance record that beat rivals. 

BNP Paribas was Equity-Linked Bank of the Year after fending off strong challenges from Goldman Sachs and JP Morgan and still leading the most deals. 

A deal BNPP led, together with Goldman Sachs, Natixis and HSBC, the $618m 0% equity-neutral convertible for LVMH in February, won Most Innovative ECM Deal of the Year, for introducing the structure, since copied by several other issuers, in which a convertible is placed in dollars but with a euro conversion price.

Accepting Morgan Stanley's Award for Best Bank for Privatisations, Martin Thorneycroft, head of syndicate, said these were the bank's most important mandates.

Carnegie won Best Bank for Small Cap ECM after its leading role in a very strong year for Nordic equity capital markets activity, which enabled it to come in high in pan-European league tables for smaller companies.

Barclays was Best Corporate Broker for the second year running, as it has continued to grow its broking franchise faster than rivals. Alisdair Gayne, the team's head, said he hoped Barclays could continue its seven year growth track record for another seven years.

GlobalCapital's investor and private equity Awards returned three winners that had won the same Awards for 2015: BlackRock was Most Influential Long-Only Equity Investor, Marshall Wace Most Influential Hedge Fund Equity Investor and Bain Capital the Best Private Equity Firm at Using the Equity Capital Markets.

But a new winner was Fisch Asset Management, which took Most Influential Equity-Linked Investor. 

The regional bank awards showed some banks' consistent holds on key markets: Bank of America Merrill Lynch was ECM Bank of the Year in the UK and Ireland for the second year running, while Mediobanca held the Italian Award and UBS the Iberian. 

Citigroup was again best bank in the CEEMEA region. One of its deals with Goldman Sachs and JP Morgan, the Ck20bn IPO of Moneta Money Bank, won the Award for Deal of the Year in that region. The highly popular IPO by GE Capital was also, according to the JP Morgan banker who spoke after the Award presentation, the fastest complete exit after an IPO for 10 years.

But there was an upset in France and Benelux, where Société Générale deposed BNP Paribas after leading the most deals in France and across the whole region, managing to gain market share even though the Netherlands, not its home market, was the big market hotspot of 2016. Citi's strong role in Dutch deals won it a nomination in this category.

And Credit Suisse captured the Award for ECM Bank of the Year in Germany, Austria and Switzerland, after it topped the league table with a 6% market share gain, including the highest number of global coordinator roles.

Nordea has also taken the Nordic Bank of the Year crown from SEB after a big market share rise that took it to the top of the league table.

Banks of the Year


Equity Capital Markets Bank of the Year

JP Morgan

2 Goldman Sachs

3 UBS

IPO Bank of the Year

Goldman Sachs

2 Deutsche Bank

3 Morgan Stanley

Block Trade Bank of the Year

UBS

2 JP Morgan

3 Goldman Sachs

Equity-Linked Bank of the Year

BNP Paribas

2 JP Morgan

3 Goldman Sachs

ECM Bank of the Year for Financial Institutions

Goldman Sachs

2 JP Morgan

3 Morgan Stanley

ECM Bank of the Year for Private Equity Firms

Goldman Sachs

2 Citigroup

3 Barclays

Best Bank for Privatisations

Morgan Stanley

2 Deutsche Bank

3 JP Morgan

Best Bank for Small Cap Equity Capital Markets

Carnegie

2 Numis Securities

3 JP Morgan

Best Corporate Broker

Barclays

2 UBS

3 Bank of America Merrill Lynch

Banks of the Year by Region


Equity Capital Markets Bank of the Year in the UK and Ireland

Bank of America Merrill Lynch

2 Numis Securities

3 JP Morgan

Equity Capital Markets Bank of the Year in France and the Benelux

Société Générale

2= BNP Paribas, Citigroup

Equity Capital Markets Bank of the Year in Germany, Austria and Switzerland

Credit Suisse

2 Goldman Sachs

3 Deutsche Bank

Equity Capital Markets Bank of the Year in Italy

Mediobanca

2 UniCredit

3 Banca Imi

Equity Capital Markets Bank of the Year in Iberia

UBS

2 Morgan Stanley

3 JP Morgan

Equity Capital Markets Bank of the Year in the Nordic Region

Nordea

2 Morgan Stanley

3 Carnegie

Equity Capital Markets Bank of the Year in Central and Eastern Europe, the Middle East and Africa

Citigroup

2 Goldman Sachs

3 JP Morgan

Best Non-Bank Market Participants


Best Equity Capital Markets Adviser

Rothschild

2 Lazard

3 STJ Advisors

Best Law Firm for Equity Capital Markets

Linklaters

2 Freshfields Bruckhaus Deringer

3= Allen & Overy, Clifford Chance

Best Private Equity Firm at using the Equity Capital Markets

Bain Capital

2 EQT

3= Advent International, Goldman Sachs

Most Influential Long-Only Equity Investor

BlackRock

2 Fidelity

3= Capital Group, Norges Bank Investment Management

Most Influential Hedge Fund Equity Investor

Marshall Wace

2= Och-Ziff, Pelham Capital

Most Influential Equity-Linked Investor

Fisch Asset Management

2 Och-Ziff

3 CQS

Deals of the Year


Equity Capital Markets Deal of the Year

Innogy

€4.6bn IPO

6 October 2016

Deutsche Bank, Goldman Sachs (global coordinators)

Bank of America Merrill Lynch, BNP Paribas, Credit Suisse, UBS (bookrunners)

2= Bayer

€4bn 5.625% mandatory CB

BAML, CS, GS, JPM (gc), Citi, HSBC

2= Dong Energy

Dkr19.7bn IPO

JPM, MS, Nordea (gc), Citi, Danske, UBS

4 Enav

€834m IPO

Barc, CS, Medio (gc), Imi, JPM, Uni

5 Air Liquide

€3.28bn rights issue

Barc, BNPP, SG (gc), Imi, Citi, Commerz, CA, HSBC, JPM, Nat

IPO of the Year


Innogy

€4.6bn IPO

6 October 2016

Deutsche Bank, Goldman Sachs (global coordinators)

Bank of America Merrill Lynch, BNP Paribas, Credit Suisse, UBS (bookrunners)

2 DONG Energy

Dkr19.7bn IPO

JPM, MS, Nordea (gc), Citi, Danske, UBS

3 Enav

€834m IPO

Barc, CS, Medio (gc), Imi, JPM, Uni

4 ConvaTec

£1.6bn IPO

BAML, GS, UBS (gc), CS, DB, JPM, MS

Block Trade of the Year


Saga

£688m sale of stock by Acromas Bid Co (Charterhouse, CVC, Permira)

22 April 2016

Numis Securities (bookrunner)

2 SAB Miller

£1bn block trade by Kulczyk Investments

CS

3 Dassault Aviation

€784m block trade by Airbus

BAML, BNPP, DB, GS, JPM

Equity-Linked Bond Deal of the Year

Bayer Capital Corp

€4bn 5.625% mandatorily convertible bond due 2019

16 November 2016

Bank of America Merrill Lynch, Credit Suisse, Goldman Sachs, JP Morgan (global coordinators)

Citigroup, HSBC (lead managers)

2 Airbus

€1.1bn exchangeable bond into Dassault Aviation

BAML, BNPP, DB, GS, JPM

3 BP

£400m equity-neutral convertible bond

Barc, CS, GS, SG

Best Equity Capital Raising by a Listed Company

Banco Popular Español

€2.5bn rights issue

17 June 2016

UBS, Goldman Sachs (global coordinators)

BBVA, Santander, Barclays, Citigroup, Deutsche Bank, Morgan Stanley (bookrunners)

HSBC, Credit Suisse, Société Générale (lead managers)

2 Air Liquide

€3.28bn rights issue

Barc, BNPP, SG (gc), Imi, Citi, Commerz, CA, HSBC, JPM, Nat

3 Melrose Industries

£1.68bn rights issue

Investec, JPM (gc), BAML

Privatisation of the Year

DONG Energy

Dkr19.7bn IPO

9 June 2016

JP Morgan, Morgan Stanley, Nordea (global coordinators)

Citigroup, Danske Bank, UBS (bookrunners)

2 Enav

€834m IPO

Barc, CS, Medio (gc), Imi, JPM, Uni

3 ASR Nederland

€1.06bn IPO

ABN, Citi, DB (gc), Barc, HSBC, ING, Rabo

Financial Institution ECM Deal of the Year

ASR Nederland

€1.06bn IPO

9 June 2016

ABN Amro, Citigroup, Deutsche Bank (global coordinators)

Barclays, HSBC, ING, Rabobank (bookrunners)

2 Banco Popular Español

€2.5bn rights issue

UBS, GS (gc), BBVA, Sant, Barc, Citi, DB, MS (bk), HSBC, CS, SG (lead managers)

3 CaixaBank

€1.3bn primary block trade

JPM, MS

Technology or Biotech IPO of the Year

Takeaway.com

€378m IPO

30 September 2016

Bank of America Merrill Lynch, Morgan Stanley (global coordinators)

ABN Amro, UBS (bookrunners)

2 ConvaTec

£1.6bn IPO

BAML, GS, UBS (gc), CS, DB, JPM, MS

3 Shop Apotheke

€115m IPO

Berenberg, Citi (gc), Commerz

IPO of the Year under $300m

Technogym

€187m IPO

28 April 2016

Goldman Sachs, JP Morgan, Mediobanca (global coordinators)

Nominees:

AcadeMedia

Skr1.1bn IPO

Carnegie (gc), Nordea, SEB

Blue Prism

£21m IPO

Investec

Investis Holding

Sfr163m IPO

CS

SIF Holding

€118m IPO

ABN, HSBC (gc), ING, Rabo

Most Innovative ECM Deal

LVMH

$618m 0% equity-neutral convertible bond due 2021

4 February 2016

BNP Paribas, Goldman Sachs, Natixis (global coordinators)

HSBC (bookrunner)

2 Telenor sale of stock in Vimpelcom

$574m sale of stock and $1bn exchangeable bond

MS, JPM (gc), Citi, CS

3 SAB Miller

£1bn block trade by Kulczyk Investments

CS

Structured Equity Deal of the Year

Steinhoff International Holdings

€2.45bn capital raising, with €1.9bn underwritten by shareholders, including use of margin loan and collar

€556m accelerated bookbuild

28 September 2016

Bank of America Merrill Lynch, JP Morgan, BNP Paribas, Citigroup, HSBC (global coordinators)

Commerzbank, Crédit Agricole, Natixis, Société Générale, UniCredit (bookrunners)

2 Airbus exit from Dassault Aviation

€784m block trade and €1.1bn exchangeable

BAML, BNPP, DB, GS, JPM

3 América Móvil sale of Telekom Austria stock

€374m Citigroup exchangeable bond

Citi, DB

Deals of the Year by Region

ECM Deal of the Year in the UK and Ireland

ConvaTec

£1.6bn IPO

26 October 2016

Bank of America Merrill Lynch, Goldman Sachs, UBS (global coordinators)

Credit Suisse, Deutsche Bank, JP Morgan, Morgan Stanley (bookrunners)

2 Vodafone

£2.9bn equity-neutral mandatory convertible bond

JPM, MS

3 Saga

£688m sale of stock by Acromas Bid Co (Charterhouse, CVC, Permira)

Numis

ECM Deal of the Year in Germany, Austria and Switzerland

 

Innogy

€4.6bn IPO

6 October 2016

Deutsche Bank, Goldman Sachs (global coordinators)

Bank of America Merrill Lynch, BNP Paribas, Credit Suisse, UBS (bookrunners)

2 Bayer

€4bn mandatory CB

BAML, CS, GS, JPM (gc), Citi, HSBC

3 VAT Group

Sfr621m IPO

UBS, CS (gcs), JPM

ECM Deal of the Year in France

 

Air Liquide

€3.28bn rights issue

7 October 2016

Barclays, BNP Paribas, Société Générale (global coordinators)

Banca Imi, Citigroup, Commerzbank, Crédit Agricole, HSBC, JP Morgan, Natixis (bookrunners)

Mizuho, MUFG, SMBC Nikko, Crédit Mutuel-CIC (lead managers)

2 Airbus exit from Dassault Aviation

€784m block trade and €1.1bn exchangeable

BAML, BNPP, DB, GS, JPM

3 Maisons du Monde

€380m IPO

Citi, GS, SG (gc), CA, Jeff, JPM

ECM Deal of the Year in the Benelux


ASR Nederland

€1.06bn IPO

9 June 2016

ABN Amro, Citigroup, Deutsche Bank (global coordinators)

Barclays, HSBC, ING, Rabobank (bookrunners)

2 NN Group

€1.38bn block trade by ING Groep

CS, ING, JPM, UBS (gc), Citi, Cmz, HSBC, KBC, Medio

3 ABN Amro

€1.33bn block trade by the Netherlands

ABN, DB, GS, MS

ECM Deal of the Year in Italy


Enav

€834m IPO

21 July 2016

Barclays, Credit Suisse, Mediobanca (global coordinators)

Banca Imi, JP Morgan, UniCredit (bookrunners)

2 Saipem €3.5bn rights issue

GS, JPM (gc), Imi, Citi, DB, Medio, Uni (bk)

3= Banco Popolare €1bn rights issue

BAML, Medio

3= Eni €402m equity-neutral CB

BNPP, HSBC, MS

ECM Deal of the Year in Iberia


Banco Popular Español

€2.5bn rights issue

17 June 2016

UBS, Goldman Sachs (global coordinators)

BBVA, Santander, Barclays, Citigroup, Deutsche Bank, Morgan Stanley (bookrunners)

HSBC, Credit Suisse, Société Générale (lead managers)

2 CaixaBank

€1.3bn primary block trade

JPM, MS

3 Telefónica

€608m equity-neutral CB

BNPP, Citi, GS

ECM Deal of the Year in the Nordic region


DONG Energy

Dkr19.7bn IPO

9 June 2016

JP Morgan, Morgan Stanley, Nordea (global coordinators)

Citigroup, Danske Bank, UBS (bookrunners)

2 Ahlsell

Skr6.9bn IPO

GS, Nordea (gc), Carnegie, Danske, DB, JPM, UBS

3 Nets

Dkr15.75bn IPO

DB, MS, Nordea (gc), JPM, UBS, Danske, DnB

ECM Deal of the Year in CEE, Russia and the CIS


Moneta Money Bank

Ck20bn IPO

6 May 2016

Citigroup, Goldman Sachs, JP Morgan (bookrunners)

Wood & Co (lead manager)

2 Bank Pekao

Z3.3bn block trade by UniCredit

Citi, MS, UBS, Uni

3= Severstal

$200m convertible bond

Citi, SG, DB, JPM

3= RussNeft

Rb32bn IPO

VTB, Sber (gc), Aton, BCS

ECM Deal of the Year in Turkey, the Middle East and Africa


Steinhoff Finance Holding

€1.1bn 1.25% convertible bond due 2023

14 April 2016

Bank of America Merrill Lynch, Barclays, BNP Paribas, Citigroup, HSBC (bookrunners)

2 Barclays Africa

R13bn block trade by Barclays

Barc (gc), Citi, JPM, UBS

3 Dis-Chem Pharmacies

R4.4bn IPO

GS, Investec, Standard (gc), BAML

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