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The most successful investment banks must strive for excellence in managing people
Former investment banker has been CFO of Verbund
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China’s Full Truck Alliance (FTA), an Uber-like service for trucks, is planning an IPO on the New York Stock Exchange, having filed a prospectus with the US regulator. -
Equity capital markets participants are predicting the return of exchangeable bonds as a way for large corporates to sell crossholdings or subsidiaries to raise funds without offering the big discounts to investors that come with a block trade. Two deals this week highlighted the importance of the product, a €538m deal by French utility Engie, selling shares in Gaztransport Et Technigaz (GTT) and bonds exchangeable into its shares, and a $1.64bn financing package sold by Adnoc, selling shares and exchangeable bonds in subsidiary Adnoc Distribution.
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Financial services company Far East Horizon has made its second visit to the equity-linked market, selling $250m of five year convertible bonds.
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Three unprecedented events this week — a landmark court ruling against Shell and shareholder revolts at Chevron and ExxonMobil — signalled that investors and society at large have rejected the oil industry’s early attempts at joining the low carbon transition and are looking for much more radical action. Oil majors retain good access to capital markets, but the clock is ticking. Jon Hay reports.
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Belarus this week gave investors a chance to demonstrate the ESG credentials they are often so keen to trumpet. Few took it. Although the country’s sovereign bonds sold off in the wake of the controversial arrest of a journalist on Sunday, investors gave a number of reasons why issues such as human rights violations were no deterrent to buying an issuer’s bonds. But there are signs those excuses may not hold up for ever, writes Mariam Meskin.
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Greek banks are in their rudest health since the aftermath of the global financial crisis and are calling on capital markets investors to back them as they help the country rebuild its economy in the wake of Covid-19. With the banks able to access new sources of capital, propped up by the country's Hercules non-performing loan guarantee scheme, plenty of supply — and performance — could follow, report Tom Brown, Tyler Davies and Sam Kerr.
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