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International tension has propelled valuations in the sector up, tempting issuers
JP Morgan sole bookrunner on first jumbo block in a month
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The share price of Doosan Fuel Cell Co, a subsidiary of South Korean conglomerate Doosan Group, nosedived on Tuesday after affiliates of the parent raised a smaller-than-expected W198.6bn ($171.1m) from a block trade. -
Global equity capital markets bankers anticipate a disorderly US election in November. They fear that a disputed contest between president Donald Trump and former vice-president Joe Biden could lead to sustained market volatility which would severely impact ECM issuance.
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Saga, the cruise line operator and provider of retirement services to the elderly, has finished a multi-leg £150m ($193m) recapitalisation intended to repair its balance sheet following a collapse in bookings owing to the Covid-19 pandemic.
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One of Doosan Fuel Cell Co’s major shareholders is offloading its stake in the South Korean eco-friendly cell maker for up to $353m-equivalent.
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BNP Paribas showed that structural creativity can achieve results in equity capital markets with a €462m block trade in Alstom stock on Tuesday evening. The bank used a forward sale structure to allow Bouygues to financially sell a 4.85% stake in Alstom now, but legally retain the shares until the end of next month so it can vote in favour of an acquisition.
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Crédit Agricole has sold a 4% share stake in Banque Saudi Fransi (BSF) to two unnamed investors for around €330m, ending an association which dates back to 1977.
