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Shipping company’s “amazingly well received” Greek offering draws €656m of demand
Africa’s largest IPO backed by Africa-focused Pan-African Refinery Investment after agreeing to $1bn underwriting programme
◆ The threat of US corporate issuance to European borrowers ◆ The new funding environment for Middle East banks ◆ Reviving UK equity capital markets
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Equity capital markets are preparing for a wave of rights issues this autumn as companies raise capital to withstand a prolonged Covid-19 pandemic. One of the most talked about is a rights issue for IAG, the airline holding company that owns British Airways, with market participants praying that sentiment holds up throughout August enough to allow the deal to succeed in September. -
Institutional investors holding Hammerson’s £689m ($900.27m) of private placements (PPs) are to be offered a pre-payment option first after the UK property company’s intended rights issue, according to a prospectus on the upcoming trade. Unlike the UK property company’s bondholders and bank lenders, during their coronavirus amendment process, PP investors negotiated an offer of pre-payment at par of 30% of any proceeds of capital raises or disposals.
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The convertible bond market has played a vital role during the Covid-19 global pandemic in funding corporates that were in urgent need of liquidity as the crisis took hold. Deals have performed for investors too, although they should be concerned about the potential for rising defaults.
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US president Donald Trump’s sudden targeting of Tencent Holdings and its flagship app WeChat last week was vague in the extreme. But what is clear is the Trump administration’s increasing willingness to go after China’s tech darlings. That should not be ignored.
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Barclays is building up sustainability coverage in its investment bank with new positions announced globally on Monday and effective immediately.
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ICICI Bank has closed its up to Rp150bn ($2bn) qualified institutional placement, according to a source close to the deal.
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