• Investors focus on defence in uncertain times

  

  The return of heightened market volatility this summer is leading to investors looking at defensive assets as fund managers consider how to ride out a possible turn in the economic cycle.

  • 21 Aug 2019

• Morocco's BCME Bank raises $103m to grow in Africa

  

  BCME Bank, one of the largest banks in Morocco, has raised Dh1bn ($103m) by selling new shares on the Casablanca Stock Exchange.

  • 20 Aug 2019

• Investors should always prep for the worst in Italian politics

  

  Italy is a country of fast cars and has some some terrific companies for investors to invest in, but buyers must always keep in mind that political instability is as quintessentially Italian — and unpredictable — as an Alfa Romeo. It doesn't mean they cannot enjoy the ride, however.

  • 20 Aug 2019

• ECB clears way for vote on Carige’s €900m rescue plan

  

  The European Central Bank has given Banca Carige the all-clear to try and carry out its latest plans to turn itself around. The ailing Italian lender said on Monday that its next step will be to ask its shareholders for their approval at a meeting next month.

  • 20 Aug 2019

• Zero-E to test ECM demand for ESG equities

  

  Equity capital markets investors are becoming increasingly focused on sustainable investments, particularly those linked to renewable energy. The strength of this demand could be tested this autumn, should Spanish renewable energy firm Zero-E choose to list.

  • 19 Aug 2019

• Convertible bond buyers expect more US tech deals

  

  With slowing growth in the global economy, and heightened trade tensions between the US and China, the bear case for equities remains very strong as 2019 enters its final stretch. However, there is still a strong bid for convertible bonds, especially deals from the technology sector, according to equity-linked investors.

  • 19 Aug 2019

• Salvini snaps to send Italian capital markets into a spin

  

  An impressive rally in Italian risk assets has been completely overturned this week, as Italy descended into political chaos. Some market participants now fear a repeat of last year, when Italian issuers were frozen out of debt and equity markets as the country’s government fought with the European Commission over its annual budget targets. Tyler Davies and Sam Kerr report.

  • 15 Aug 2019

• US companies pile into converts as economic outlook worsens

  

  US corporates are turning to convertible bonds to finance themselves while it is still possible to achieve attractive terms, before the economic outlook deteriorates, leading to the best two weeks of issuance volume in 2019.

  • 15 Aug 2019

• ‘Core Europe' IPOs to offer Brexit dodge

  

  The EMEA IPO calendar for the rest of the year is set to be filled with companies from continental Europe, as Brexit uncertainty looks set to delay UK listings. But global volatility could yet scupper all plans.

  • 15 Aug 2019

• Italian banks: it's all political

  

  Political chaos in Italy disguises the progress made turning around the country’s banking sector.

  • 15 Aug 2019

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Recent highlights

• ECM settles in for long trade war despite tariff delays

  Equity capital markets bankers and investors are coming to terms with the idea that there may not be a trade deal to end tensions between the US and China this year, despite the former delaying some of its latest tariffs on Chinese goods until the end of the year.

  • 14 Aug 2019

• Medical marijuana firm lists on London Stock Exchange

  Freyherr International Group, the Slovenian medical marijuana company, has priced its IPO on the London Stock Exchange.

  • 14 Aug 2019

• Shareholders back Omnia’s R2bn rights offer

  Omnia Holdings, the South African chemicals company, has fixed the terms for its R2bn ($136m) rights issue to reduce debt, after securing underwriting from its top shareholders.

  • 13 Aug 2019

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Deals in the pipeline

• Faites vos jeux! Macron renews privatisation drive
• Spain’s ACS plans renewables IPO in autumn
• Walmart mulls flotation of Asda after blocked Sainsbury’s merger
• Mustier tight-lipped about UniCredit M&A plans after €1bn Fineco share sale
• Siemens preps power and gas spinoff in 2020
• BlackRock backs out of Carige recap, raising bailout fears
• Uzbekistan the new frontier as Central Asia privatisations lure global money
• 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

Completed deals

• Snap issues maiden convertible bond after share rally
• Investors sell Mondi stock after listing reorganisation
• Borr Drilling rises after listing on the New York Stock Exchange
• Synthomer closes £204m rights issue to fund US merger
• Agarwal quits Anglo-American investment after two years
• Elis block covered quickly after auction
• Worldline issues first CB at aggressive terms
• Investors book gains after first Hugo Boss block in years
• Impala tenders 'expensive' $250m CB into equity after stock rally
• Investors pile into Aroundtown's €600m growth capital raising
• Unipharm navigates tricky IPO market to raise €136m
• Voltalia raises €376m of equity capital to grow power capacity
• UniCredit finishes FinecoBank separation
• Energean wins investor acclaim with M&A bid
• Synthomer unveils £204 rights offer for US growth plans
• GFG joins Traton and Airtel in trading down
• Orange exits BT via £486m block trade
• Airtel and Traton shares fall on first day of trading
• Traton prices IPO at bottom of the range
• TCS primary capital raise closes with 'very full' book
• Cellnex extends financing binge with new €700m CB
• IAG roadshows for new €500m bond to fund CB tender
• Trainline surges in trading after as investors come onboard
• Petropavlovsk raises $125m to refi old CB
• Infineon Technologies raises €1.5bn for US acquisition