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Former investment banker has been CFO of Verbund
Investment banking is a competitive business, especially when it’s your bosses that are vying for your attention
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Air France-KLM is preparing to return to public funding markets, as the group comes off life support and contemplates its post-pandemic capital structure, bloated by €10bn of state aid measures during 2020. The airline has been marketing a €600m dual tranche three and five year issue, which is set to be priced on Thursday, as it predicts running at over 60%-65% of 2019 capacity during the summer. -
This week, Spanish refrigerated trucking company Primafrio and Russian goldminer Nordgold postponed their respective IPOs, on the Spanish and London Stock Exchanges in hopes of better market conditions in the future. These delays are just the latest casualties of Europe’s turbulent IPO market.
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Polyester producer Sasa has placed the first convertible bond by a Turkish listed issuer, raising €200m, as the asset class continues to grow in popularity.
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Singapore-based agriculture company Olam International is tapping shareholders through a rights issue, to raise S$601.7m ($447.2m) to repay debt from a recent acquisition.
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Dingdong (Cayman), a Chinese e-commerce company for fresh groceries, and its rival Missfresh are testing investor appetite at the same time for their US IPOs.
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The European initial public offering market has been difficult for months, but new listings are still being brought to market with little regard for whether investors want to buy them. Instead of trying to ram deals through to satisfy a pre-arranged timeline, banks should be advising their clients to delay listings that don’t work in these conditions.
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