Leading telecoms east
Despite the low levels of central and eastern European ECM issuance, Credit Suisse First Boston still enjoyed a good year in the region. The bank led nearly every large CEE equity issue, developing a specialty for telecom share issues.
CSFB led four equity issues totalling $1.7bn of issues. The sale in December of 86.9m raising $825m in Czech telecom provider Cesky Telecom shares in December (see CEE equity deal of the year) was the bank's greatest success though.
This was the second issue of Cesky stock that CSFB placed in 2003. In June the bank sold 20.8m shares in the company for Dutch telephone company KPN. The shares were sold at a 7% discount to the previous close, despite the sale more than doubling the company's free float on the Prague stock exchange.
Highlighting the strength of the bank's CEE business was its leading of one of the very few Russian issues of 2003. In April the bank placed $201m of American Depositary Receipts through a bought deal in mobile telecom operator Mobile TeleSystems for German national telecommunications provider Deutsche Telekom.