• SoftBank derisks Wirecard investment with startling CB arb

    SoftBank, the Japanese technology conglomerate, astonished equity-linked bond market participants this week by executing a deft trade, arranged by Credit Suisse, that recovered all its €900m investment in Wirecard, the controversial German payments processing company, while leaving it with upside. Aidan Gregory and Jon Hay report.

    • 19 Sep 2019
  • Aramco: never mind the drones, feel the profits

    Saudi Aramco, the state-owned oil company of Saudi Arabia, is confident that its exceptional financial position will allow its IPO to withstand geopolitical shocks such as the drone attack on the company’s oil facilities last Saturday, write Sam Kerr, Mariam Meskin and Francesca Young.

    • 19 Sep 2019
  • Shafted Sirius starts frantic search for new investors

    Sirius Minerals, the company that is building a giant fertiliser mine beneath the UK's North York Moors, faces up to six months of uncertainty after it failed to issue a $500m high yield bond that would have secured its financial future, and the UK government refused to provide support to the project. Karoliina Liimatainen and Aidan Gregory report.

    • 19 Sep 2019
  • First block in Trainline leads busy ABB night

    A £285m block in Trainline, the UK the transport booking website, was covered quickly on Thursday night after a lock-up was waived on KKR and other pre-IPO shareholders.

    • 12:15 PM
  • Ferretti pitched as Ferrari of the seas but must avoid Aston repeat

    Ferretti, the Italian manufacturer of luxury yachts, launched its long awaited IPO on Monday. Investors are being sold a story of glamour and luxury, but there are some concerns after the losses many suffered during the IPO of Aston Martin, last year’s prominent luxury listing.

    • 19 Sep 2019
  • Fed and ECB happy to turn Japanese

    The renewed dovishness of the US Federal Reserve and the European Central Bank (ECB) may consign both Europe and the US to the same fate as Japan when it experienced its lost decades of stagnant growth. Central banks will find the tools they’ve used since the financial crisis have simply worn out when the next one hits.

    • 19 Sep 2019
  • Budweiser back with a bang after ringing changes to IPO

    Budweiser Brewing Company Apac has revived its Hong Kong IPO two months after a headline-grabbing flop. But a smaller target size, a stamp of approval from a high-profile cornerstone investor and the off-loading of an unattractive chunk of its business all mean that the firm has a better chance of success this time around. Jonathan Breen reports.

    • 19 Sep 2019
  • Investors fear also-rans as IPO activity rises

    A strong start to a pair of European IPOs has encouraged more deals into the market. But investors fear being decorated with shares that will underperform as new issuers line up.

    • 18 Sep 2019
  • European equity-linked revival continues with new Ubisoft CB

    Ubisoft Entertainment, the French video games developer behind Far Cry and Assassins Creed, issued a five year €526m convertible bond, adding to the wave of issuance in Europe over the past fortnight.

    • 18 Sep 2019
  • London Stock Exchange hires JP Morgan for HKEX defence

    The London Stock Exchange Group has bolstered its M&A defence team against a hostile bid from its Hong Kong rival with the appointment of JP Morgan.

    • 18 Sep 2019
  • Strong start for AB InBev's second attempt at HK IPO

    A smaller deal size, a high-profile cornerstone investor and plenty of early engagement with investors have put Budweiser Brewing Company Apac’s second attempt at a Hong Kong IPO on solid ground.

    • 18 Sep 2019
  • Aramco: how do you discount for drones?

    It isn't often that equity investors are asked to buy assets subjected to physical attack. The drone strikes on Saudi Arabia’s Abqaiq and Khurais oil facilities on Saturday could lead to Aramco demanding a big discount on any upcoming listing. The IPO market has suffered its fair share of geopolitical tumult of late, but this long and keenly anticipated deal could wind up being the riskiest of them all.

    • 17 Sep 2019
  • Sirius Minerals shares tank after crucial bond sale fails

    Shares in fertilizer miner Sirius Minerals plummeted as much as 60% on Tuesday morning after the company was forced to finally pull a $500m high yield bond offering it had postponed in August.

    • 17 Sep 2019
  • Soitec managers cash in on growth with €98m block

    A group of French semiconductor maker Soitec’s senior managers have sold €98m worth of shares that vested as part of a three year stock compensation scheme that matured earlier this year.

    • 17 Sep 2019
  • RCF lines up listing as Italian ECM renaissance continues

    RCF, the Italian manufacturer of high performance audio equipment, is likely to launch an IPO imminently, potentially as early as next week, adding to what is expected to be a strong finish to 2019 for Italian equity capital markets.

    • 17 Sep 2019
  • US companies pile into convertible bonds

    US firms are turning to the convertible bond market in droves in order to issue cheap debt before a potential global economic downturn.

    • 17 Sep 2019
  • Banks hope for fair October winds for Zero-E listing

    Zero-E, the Spanish renewable energy firm, is targeting October to launch its IPO and is hoping that fair markets and growing demand for sustainable assets will propel it to success.

    • 17 Sep 2019
  • Aramco banks plough on with 2019 IPO plans despite attacks

    Sources close to the listing of Saudi Aramco, the state-owned oil producer, have confirmed that they are working flat out to bring the Saudi company to market before the end of the year, despite attacks on its oil fields over the weekend.

    • 16 Sep 2019
  • Investors jump into large Zalando block trade

    A 13.3m share sale in Zalando, the German e-commerce company, met with strong investor interest on Monday night.

    • 17 Sep 2019


Recent highlights

  • Kaspi.kz brings more EM joy to London amid Brexit gloom

    Kaspi.kz, the Kazakh payments group, is preparing to list global depositary receipts (GDRs) on the London Stock Exchange this autumn, as EM deals provide a brief glimmer of hope for the UK capital as Brexit volatility has killed the hopes of many UK issuers.

    • 16 Sep 2019
  • LSEG spurns HKEX's £32bn takeover bid

    London Stock Exchange Group (LSEG) has emphatically rejected the unsolicited £32bn takeover bid by Hong Kong Exchanges and Clearing (HKEG), with LSEG's board suggesting that the deal has profound flaws.

    • 13 Sep 2019
  • EQT covers €1.2bn IPO on day one

    The €1.2bn IPO of Swedish private equity group EQT was covered throughout its price range, less than two hours into the bookbuilding process on Friday, according to market sources.

    • 13 Sep 2019


Deals in the pipeline

Completed deals

Capital markets data from GlobalCapital


Go to GlobalCapital's Equity data pages for our daily updated EMEA IPO pipeline, as well as revenue and bookrunner league tables for equity capital markets around the world.


Equity people & markets

  • London Stock Exchange hires JP Morgan for HKEX defence

    The London Stock Exchange Group has bolstered its M&A defence team against a hostile bid from its Hong Kong rival with the appointment of JP Morgan.

    • 18 Sep 2019
  • Thailand, Cambodia set sights on cross-border IPOs

    Thailand and Cambodia are looking to encourage cross-border equity offerings and issuance of depositary receipts, after signing a memorandum of understanding (MOU) on Tuesday.

    • 18 Sep 2019
  • Citi’s Aus, NZ equities head steps down

    Adam Lavis, head of equities for Australia and New Zealand at Citi, is retiring from the bank after eight years.

    • 17 Sep 2019
  • Macquarie hires former Deutsche banker

    Deutsche Bank’s former co-head of equity capital markets for Australia has joined Macquarie in a senior position, according to a source close to the situation.

    • 17 Sep 2019
  • Aramco banks plough on with 2019 IPO plans despite attacks

    Sources close to the listing of Saudi Aramco, the state-owned oil producer, have confirmed that they are working flat out to bring the Saudi company to market before the end of the year, despite attacks on its oil fields over the weekend.

    • 16 Sep 2019
  • LSEG spurns HKEX's £32bn takeover bid

    London Stock Exchange Group (LSEG) has emphatically rejected the unsolicited £32bn takeover bid by Hong Kong Exchanges and Clearing (HKEG), with LSEG's board suggesting that the deal has profound flaws.

    • 13 Sep 2019

more people & markets


equity news archive



Bookrunners of Global ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 Sep 2019
1 Goldman Sachs 45,708.02 265 10.01%
2 Morgan Stanley 43,222.33 260 9.46%
3 JPMorgan 37,305.80 296 8.17%
4 Citi 29,239.21 236 6.40%
5 Bank of America Merrill Lynch 29,003.15 198 6.35%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 9,273.57 56 10.29%
2 Morgan Stanley 8,122.33 40 9.01%
3 Goldman Sachs 7,738.32 41 8.59%
4 Citi 6,426.54 47 7.13%
5 UBS 4,913.18 26 5.45%

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 Sep 2019
1 JPMorgan 299,908.40 1348 8.58%
2 Citi 269,633.69 1139 7.71%
3 Bank of America Merrill Lynch 233,702.48 955 6.69%
4 Barclays 215,977.22 873 6.18%
5 Goldman Sachs 171,316.37 716 4.90%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 33,565.22 148 7.28%
2 Credit Agricole CIB 33,319.19 143 7.22%
3 JPMorgan 25,404.62 68 5.51%
4 Bank of America Merrill Lynch 23,368.44 65 5.07%
5 SG Corporate & Investment Banking 22,565.04 105 4.89%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 9,273.57 56 10.29%
2 Morgan Stanley 8,122.33 40 9.01%
3 Goldman Sachs 7,738.32 41 8.59%
4 Citi 6,426.54 47 7.13%
5 UBS 4,913.18 26 5.45%