• Safran issues new €700m CB at 0% yield

  

  Safran, the French aerospace and defence company, has returned to the equity-linked market with a €700m convertible bond due in June 2023.

  • 18 Jun 2018

• UK market integrity trumps Russian capital, says MP

  

  Despite worries that Russian investors are pulling away from London as the UK looks to pressure allies of the country's president Vladimir Putin, Tom Tugendhat, the chairman of the House of Commons Foreign Affairs Committee, has stressed to GlobalCapital that preserving the rule of law in the UK and making sure markets are “clean and honest” is more important than attracting Russian capital to London.

  • 18 Jun 2018

• Exotix hires to boost Americas equities, ECM operations

  

  Developing markets investment bank Exotix Capital has continued its recent trend of expansion and has added three new hires to its global equity team.

  • 18 Jun 2018

• UK’s Russia beef drives capital home, poses risk to City

  

  Increased hostility towards Russia from the UK political establishment is severing the financial links between the two countries. The arguments between Russia and the West are freezing the former’s equity capital markets, which depend on UK and US investors, and is, according to some sources, driving Russians to repatriate capital. In the long-run, it could even be detrimental to the UK’s capital markets industry, write Sam Kerr and Francesca Young.

  • 14 Jun 2018

• Finland’s flop leaves Neste taste in mouth of Credit Suisse

  

  Credit Suisse found itself long of stock in Neste Corp, the Finnish oil refiner, after an €861m sale of shares by the Finnish government on Tuesday night. The failed block trade has prompted equity capital markets bankers to ask whether the market has become much more unforgiving this year, writes Aidan Gregory.

  • 14 Jun 2018

• Delachaux cancels its IPO after CDPQ buys CVC out

  

  The Paris IPO of Delachaux Group, the French maker of railway equipment, has been called off after CVC agreed to sell its stake in the company to Caisse de dépôt et placement du Québec (CDPQ) for an undisclosed price.

  • 14 Jun 2018

• Arion Banki to price at top of revised range

  

  Arion Banki, the first Icelandic bank to list shares since the financial crisis, is set to price the sale at the top of its revised range.

  • 14 Jun 2018

• ECM investors buoyant as Adyen rises by over 91% on debut day

  

  The Amsterdam IPO of electronic payments company Adyen has been acclaimed as one of the best European IPOs in over a decade after the stock rose 91% on its first day of trading.

  • 14 Jun 2018

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Recent highlights

• FCA’s Aramco rule change is nothing new for UK

  The FCA’s decision to modify rules in order to allow sovereign owned companies — such as Saudi Aramco — to achieve a premium listing should be seen as just another chapter in the UK’s cosiness with the House of Saud.

  • 12 Jun 2018

• Klingelnberg Group IPO covered across range in a day

  The Swiss listing of Klingelnberg, the German family-owned gear engineering company, got off to a flying start and was covered across its range within 24 hours of launching the deal.

  • 12 Jun 2018

• FCA’s sovereign listing decision faces heavy criticism

  The FCA’s decision to press ahead with creating a new premium listing category for sovereign-owned entities has been criticised by UK parliamentarians and business groups, who are concerned that it will weaken corporate governance standards in the UK.

  • 11 Jun 2018

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Deals in the pipeline

• Adyen IPO covered throughout range almost straight away
• Bayer launches jumbo rights issue as Monsanto deal closes
• EN+ sale coming as Deripaska steps back for sanctions relief
• Kojamo hopes to tempt IPO investors with rare Finnish property play
• Tritax hires Jefferies, Kempen & Co to launch new logistics Reit
• Adyen gives buyers second payments IPO after iZettle pulls
• Vodafone to try equity-neutral mando magic again
• Reit market is choppy, but don't dismiss social housing
• Sausage sliced: sanctions stall Cherkizovo IPO
• Whitbread plans to list Costa Coffee in the next two years
• Metro plans bond but analysts focus on equity needs
• 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
• Three Turkish retail IPOs hit pipeline
• CEVA reopens Europe’s IPO market with Sfr1.3bn flotation
• Belfius postpones IPO until autumn amid fears of row with government
• Consol tests investor appetite for South Africa with R2.7bn re-IPO
• Cherkizovo preps meaty Moscow share sale
• Gategroup pulls IPO on valuation pressure, Godewind resizes
• Galliford reveals terms for £157m rights offer
• Europe’s rights issue market heats up with Valora, REN, Astaldi
• Axel Springer, United Internet to float merged marketing unit
• Five set for Saudi Aramco roles, Moelis must share
• BRF mulls London IPO for halal poultry business
• Petro Rabigh rights issue mandate raises Saudi ECM hopes
• Volvo Cars bags Skr5bn ahead of possible stockmarket return
• Putin, ministers speak on Russian privatisation
• VTB first on the block as Russia embarks on mass state sell-off
• Mærsk shares soar 12% on hopes of break-up
• Ivory Coast change holds up Eranove IPO
• Romania ready to reboot stalled privatisation with Hidroelectrica
• Budapest Bank can float, but no move on IPO yet
• An Aramco IPO could spark a foreign investment surge
• Aramco IPO: ECM world must hope the Saudis move swiftly

Completed deals

• First Basic Fit block ends multiple times covered as investors buy into growth story
• Lloyds rides RBS momentum in SLA clean-up trade
• Netcompany soars by almost 30% on debut
• Carel survives Italian IPO carnage to get over the line
• Remarkable innovation as Swiss Re gets capital put at 25bp over
• Sixt owners reap rewards from surprise share sale
• Carpetright's £60m turnaround share sale gets heavy takeup
• Workspace raises £189m in day block
• Government pleased with RBS block despite political backlash
• First Sabre Insurance block flies out of the door
• Capita secures its future as investors support £700m recap
• Team17 shines in the aftermarket following £107m IPO
• Investors in HelloFresh block make immediate gains
• Talos cuts Aena stake to rebalance portfolio
• Sika cheers equity-linked with Sfr1.65bn CB
• Şok Marketler prices IPO at TL10.50
• Polyphor stays above water after Sfr165m IPO
• Prime Ventures covers latest Takeaway.com block in half an hour
• Avast prices £602m IPO but trades down on day one
• Goldman left undercovered in Burberry after block surprise
• Vonovia bags €1bn to buy Sweden's Victoria Park
• Vivo IPO shines in crowd of EM listings
• Blackstone’s latest Intertrust block sells well
• Nordic Capital sells out of ConvaTec in £314m block trade
• Thrifty IPO investors crowd into CEVA deal at bottom of range