• Equity investors confident but warn IPO sellers not to over-price

  

  Equity investors have made solid returns so far in 2019, but many are wary about the pricing of European IPOs, where some sellers look like having high expectations.

  • 17 Apr 2019

• Renowned Vodafone treasurer to leave

  

  Neil Garrod, group treasury director at Vodafone and one of the best known figures in the European corporate bond market, is understood to be leaving the UK mobile phone group. He is in talks with another company about becoming its finance chief.

  • 16 Apr 2019

• Hot under the collar: banks make big calls in strategic equity

  

  A surge in shareholder activism is providing banks with a lucrative new source of revenue, but they have to tread carefully or risk losing treasured corporate relationships, writes David Rothnie.

  • 17 Apr 2019

• Saudi mall operator joins packed EM IPO pipeline

  

  The Arabian Centres Co, a Saudi Arabian owner and operator of shopping centres, has launched a listing on the Saudi stock exchange.

  • 16 Apr 2019

• EMEA IPOs enjoy best week since 2015

  

  Over €6bn of new IPO paper was priced in Europe last week, the best single week of issuance in over four years.

  • 15 Apr 2019

• Yellow Cake raises £25.9m for Kazakh purchases

  

  Yellow Cake, a London-listed company operating in the uranium sector, completed a £25.9m share sale on Friday to continue funding uranium purchases from Kazakh uranium producer Kazatomprom.

  • 15 Apr 2019

• Capital markets need an Extinction Rebellion

  

  Sustainable finance is bubbling with exciting new initiatives. But making people feel good is not enough. Activity needs to produce results, and so far there is more noise than movement. The tone is far too sedate — it needs some hard core activism to break the torpor.

  • 16 Apr 2019

• Stadler Rail rises in trading after Sfr1.33bn IPO

  

  Shares in Stadler Rail, the Swiss maker of rolling stock, gained as much as 12.9% in trading on Friday after it priced its Sfr1.33bn IPO at a discount to its Swiss industrial peers.

  • 12 Apr 2019

• Goldman looks forward to tech IPOs

  

  Goldman Sachs said that its equity underwriting pipeline swelled during the first quarter, with IPO interest rising among technology companies.

  • 16 Apr 2019

• Climate change losses could hit $20tr, warns Bank of England

  

  Estimated losses in the transition to a low carbon economy could top $20tr, according to a speech delivered on Monday by the Bank of England’s Sarah Breeden. The warning was delivered as the UK’s Prudential Regulation Authority published a new supervisory statement on plans to enhance banks’ and insurers’ management of risks from climate change.

  • 15 Apr 2019

• Catalent buys Paragon in hot gene medicine market

  

  The US’s Catalent will buy Paragon Bioservices in a debt and equity financed $1.2bn deal, as consolidation in the gene therapy market builds pace.

  • 15 Apr 2019

• Finablr and Airtel next out of packed EM IPO pipeline

  

  Primary EM equity capital markets IPOs are back in vogue, riding the momentum of secondary equity EM indices. With investors clamouring for alpha, Middle Eastern and African IPO issuers are lining up to test the appetite for new deals.

  • 11 Apr 2019

• ECB rate freeze crushes hopes for euro equity-linked revival

  

  The European Central Bank’s (ECB) decision to rule out rate rises this year has quietened hopes of convertible bond (CB) issuance reviving in Europe.

  • 11 Apr 2019

• Brexit delay clouds outlook for UK listings revival

  

  The decision by the European Union and UK on Wednesday night to extend the country’s membership of the bloc until October 31 prolongs the uncertainty that is deterring UK companies from attempting IPOs.

  • 11 Apr 2019

• Sacyr's new €175m CB attracts buyers

  

  Sacyr, the Spanish construction company, enjoyed a strong reception from equity-linked investors on Wednesday when it issued a new convertible bond that was increased to €175m off the back of unexpected demand from long-only funds.

  • 11 Apr 2019

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Recent highlights

• Sibanye raises $120m ahead of mining wage talks

  Sibanye-Stillwater, the South African commodities miner, sold a 108.9m share block in the market on Tuesday night to solidify its balance sheet as the company continues to weather a gold workers' strike and prepares for wage talks with unions for its platinum workers.

  • 10 Apr 2019

• Adevinta rises 14% on day one after Nkr2.87bn IPO

  Adevinta, the online classified advertising division of Schibsted, shone in the aftermarket on Wednesday after the company began trading on the Oslo Børs following its Nkr2.87bn (€298m) IPO.

  • 10 Apr 2019

• SEC should use Musk to transition to new age

  The US Securities and Exchange Commission should take the opportunity of errant tweeting from Tesla boss Elon Musk to figure out how it transitions to a more modern way of regulating market communication.

  • 09 Apr 2019

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Deals in the pipeline

• Oligarchs flock to sell shares as Russia bid returns
• African IPOs coming to London, despite political hurdles
• Sources say small IPO of Naspers' Tencent stake possible
• Deutsche cash call to fund Commerz merger far from certain
• Traton postpones IPO after buyers balk at valuation
• Continental moves forward with powertrain unit spinoff
• Bharti Airtel names banks for Africa spin-off
• Kazakh privatisation wave kicks off with nuclear IPO
• LeasePlan pulls Amsterdam IPO amid global market sell-off
• Hassan Allam preps listing in London and Eygpt
• Schibsted to float online classifieds business
• Investec to list asset management arm
• Trade war tensions push Volvo Cars to postpone jumbo IPO
• Sibur IPO talk premature, says CFO
• Swiss Re mulls spinoff of UK closed-book life division
• Bob Diamond buys Kepler stake, IPO possible later
• EN+ sale coming as Deripaska steps back for sanctions relief
• Vodafone to try equity-neutral mando magic again
• Reit market is choppy, but don't dismiss social housing
• Sausage sliced: sanctions stall Cherkizovo IPO
• IPO window reopens to test investor sentiment with EM flavours
• Africa back in the spotlight for equity buyers
• Market loses second jumbo Swiss IPO as HNA postpones Swissport
• Belfius postpones IPO until autumn amid fears of row with government
• Gategroup pulls IPO on valuation pressure, Godewind resizes

Completed deals

• Russia momentum continues with LSR block
• Kaupthing Bank sells 10% of Arion Banki
• Centerbridge Partners sells 13% of Banca Farmafactoring after share price rally
• Vodafone mando surprise: issuer happy with S&P treatment
• Vodafone sells new $2bn hybrid after mando equity credit loss
• Steinhoff 'saga' continues with further asset sales
• Goldman sells Hochtief block as part of equity collar hedge
• CVC Capital Partners offloads 10% of Avast for £271m
• Investors pile into debut Team17 block trade
• Huber + Suhner sale attracts strong demand
• Cellnex covers €1.2bn rights issue over 16 times
• Gol clinches convertible with varied demand
• Moncler and Total bring year's second auction and a stick
• Air France-KLM convert flies after lengthy supply drought
• Abramovich hits blocks market again in Evraz sale
• Just Group sells debt, equity to withstand tougher capital requirements
• Russian entrepreneur returns to ECM with $150m trade
• Blocks revival rolls on with £115m Syncona sale
• Norilsk Nickel trades up after popular block trade
• Loomis share structure changed after billionaires trade out
• Norwegian gets rights issue support despite headwinds
• Law firm DWF trades up after historic listing
• Vodafone mando restarts non-dilutive equity race
• Huge bid for Vodafone as hedge funds binge on financing
• NIBC block attracts cornerstone