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GC Asia
Follow-Ons/Rights Issues
Aston Martin braves battered markets to launch rights issue
Aston Martin, the UK automobile manufacturer, has launched its £317m ($408.78m) rights issue as part of an overall £500m equity raise.
27 Feb 2020
Equity
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ABBs/Block Trades
EDP block multiple times covered despite virus sell-off
China Three Gorges Corp, the Chinese state-owned power company, has successfully offloaded €292m of stock in Portuguese energy firm Energias de Portugal (EDP), despite four straight days of heavy losses in European equity markets, due to the spread of the Covid-19 coronavirus across the continent.
27 Feb 2020 -
IPOs
IPO preppers duck travel over coronavirus fears
The spread of the Covid-19 coronavirus outbreak is grounding equity capital markets banks attempting to win business as face-to-face meetings are cancelled.
26 Feb 2020 -
Follow-Ons/Rights Issues
Hipgnosis mulls new share sale after acquiring Cher hits
Hipgnosis Songs Fund Ltd, the London-listed fund that invests in music royalties, is considering another equity capital raising to finance its investment pipeline, only four months after it last raised £231m ($297.45m).
26 Feb 2020 -
Equity-Linked
Yandex offers CB buyers taste of Russian tech
Yandex, the Russian internet company, reopened the equity-linked bond primary market in EMEA after more than a month without any new issues, with a $1.25bn five year convertible bond.
25 Feb 2020 -
IPOs
Nacon IPO to close early, but banks keep eye on coronavirus
French gaming company Nacon will close its IPO books because of strong demand but market fears over the Covid-19 coronavirus outbreak means ECM bankers on the deal are giving themselves pricing flexibility.
25 Feb 2020 -
IPOs
Italian payments firm moves ahead with IPO plans
SIA, the state-controlled Italian payments company, is pushing ahead with plans for a listing in Milan this year, according to sources, if the Covid-19 coronavirus does not destroy sentiment for Italian equities.
24 Feb 2020 -
IPOs
Pandemic fears rock equities, make new issuance difficult
Heavy losses on European stock markets on Monday monring, in reaction to the spread of the Covid-19 coronavirus, have cast a cloud over what had been expected to be a busy week for new transactions in the equity capital markets.
24 Feb 2020 -
IPOs
Sovcombank and Chelpipe move closer to Moscow floats
Two large Moscow listings moved closer to launch this week, a boost for Russian equity investors who have not seen any large IPO activity since the Detsky Mir listing in 2017.
21 Feb 2020 -
People & Markets
Intesa fires starting gun on new phase of Italian bank consolidation
Intesa Sanpaolo took the market by surprise when it launched a takeover bid for UBI Banca this week.
20 Feb 2020 -
IPOs
Sibur IPO no longer expected in 2020
Sibur, the Russian petrochemicals company, is unlikely to go public in 2020 because of unfavourable macroeconomic conditions, its CFO tells GlobalCapital.
20 Feb 2020 -
Follow-Ons/Rights Issues
Resurgence of high margin rights issues cheers ECM
Equity capital markets bankers have welcomed the return of rights issues as the total volume of underwritten equity raises announced year-to-date ramps up.
20 Feb 2020
Other news
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Nacon covered from the start
The IPO of French video games developer and accessories company Nacon was covered almost immediately on Thursday morning when order books were opened.
20 Feb 2020 -
US broker adds to London team with senior equity hires
BTIG Ltd, the US broker dealer, is expanding its EMEA equities sales and trading business in London, with four senior hires.
20 Feb 2020 -
Russia set for IPO boom as investor sentiment warms
Equity capital markets investors should prepare for a pipeline of new Russian stock market listings for as early as this year, according to several bankers working on the deals.
19 Feb 2020 -
Co-founders sell 'niche' Transaction Capital stock
The three founders of Transaction Capital, the South African financial services firm, have sold down R1.62bn ($108m) of stock via an accelerated bookbuild.
19 Feb 2020 -
Equity markets should brace for worse to come after Apple’s coronavirus warning
Apple’s announcement that it is likely to miss revenue estimates for the first quarter of 2020 should serve as a warning to equity investors that the economic effects of the coronavirus outbreak should be feared alongside any threat of it becoming a pandemic.
18 Feb 2020 -
Alstom to acquire Bombardier’s trains unit
Alstom, the French maker of trains and railway equipment, has struck a €7.45bn deal to acquire Bombardier’s trains division and will partly finance the trade via a €2bn rights issue later this year or in early 2021.
18 Feb 2020 -
ECM and cash equity trading unaffected by HSBC cuts
HSBC will not be making cuts to its equity capital markets or its equity trading capabilities after announcing the results of a strategic review on Tuesday.
18 Feb 2020 -
BW Energy gets shrunken IPO done in teeth of oil fears
BW Energy, the oil exploration and production company, has priced its Oslo IPO after lowering its valuation target and shrinking the deal, having encountered resistance from investors as the coronavirus outbreak in China knocked 20% off the oil price.
18 Feb 2020
Data
Bookrunners of Global ECM
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | Morgan Stanley | 9.89 | 63 | 9.10% |
| 2 | BofA Securities | 8.73 | 49 | 8.03% |
| 3 | Goldman Sachs | 8.26 | 60 | 7.60% |
| 4 | JPMorgan | 7.53 | 65 | 6.93% |
| 5 | Citi | 7.07 | 49 | 6.50% |
IPOs
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China Bright Culture eyes $173m from Hong Kong IPO
Independent television producer China Bright Culture Group has launched bookbuilding for its IPO, aiming to raise up to HK$1.35bn ($172.9m).
07.30 AM -
Covid-19 threatens more than the global economy
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SBI Cards sets terms for $1.4bn IPO, Rossari approved
ABBs/block trades
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EDP block multiple times covered despite virus sell-off
China Three Gorges Corp, the Chinese state-owned power company, has successfully offloaded €292m of stock in Portuguese energy firm Energias de Portugal (EDP), despite four straight days of heavy losses in European equity markets, due to the spread of the Covid-19 coronavirus across the continent.
27 Feb 2020 -
Coronavirus correction keeps block trades at bay
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Hipgnosis mulls new share sale after acquiring Cher hits
Equity-linked
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NMC Health converts tank after shares suspended
Shares in NMC Health, the London-listed United Arab Emirates hospitals operator, have been suspended. Its convertible bonds have fallen to around 50 cents on the dollar, after the Financial Conduct Authority (FCA) placed it under investigation and the company fired its chief executive.
27 Feb 2020 -
Yandex offers CB buyers taste of Russian tech
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KKR says no to NMC Health takeover bid
Follow-ons/rights issues
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Aston Martin braves battered markets to launch rights issue
Aston Martin, the UK automobile manufacturer, has launched its £317m ($408.78m) rights issue as part of an overall £500m equity raise. The funding is part of a strategic turnaround plan for the misfiring company, and comes despite markets being spooked over the spread of the Covid-19 coronavirus.
27 Feb 2020 -
Hipgnosis mulls new share sale after acquiring Cher hits
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Sovcombank and Chelpipe move closer to Moscow floats
Asia
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China Bright Culture eyes $173m from Hong Kong IPO
Independent television producer China Bright Culture Group has launched bookbuilding for its IPO, aiming to raise up to HK$1.35bn ($172.9m).
07.30 AM -
The end of the road for roadshows
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Business, but not as usual as virus threat grounds bankers worldwide
