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Booming metal prices could bring more equity deals
International tension has propelled valuations in the sector up, tempting issuers
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JP Morgan Chase has sold £59m of shares in BT Group, the UK telecommunications company, on behalf of former holders of BT’s American Depositary Receipts. -
Hotel Chocolat, the UK chocolatier and retailer, sold 9.77m new shares after revealing that its revenues in March have been damaged by the Covid-19 coronavirus; the company hopes the capital will give it flexibility in the weeks and months ahead. More UK SMEs will no doubt follow it to market over the next few weeks.
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Equity bankers are working with corporates on potential rights issues to shore-up balance sheets given the huge economic disruption caused by the coronavirus in Europe. But with volatility sky-high, even optimistic bankers are wary of bringing deals to market, while other ECM deals like block trades, convertibles and IPOs are no-go areas for the foreseeable future.
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The crash in share prices as the coronavirus pandemic has gathered pace is soon likely going to force some sellers to execute equity block trades to cover loans secured against stock, or just to access capital quickly. But these sellers are going to have to stomach heavy discounts to get the liquidity required to execute trades, as one company proved on Monday night.
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Global stock markets have succumbed to panic in a violent and historic sell-off that echoes the worst days of the 2008 financial crisis thanks to the spread of the Covid-19 coronavirus, and equity capital markets are shuttered in response. However, ECM bankers are focusing now on the "other side of the tunnel" and rights issues for cash-strapped clients.
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European equities plunged into bear market territory on Monday morning after the price of oil collapsed by 30% following the decision by Saudi Arabia to launch a price war after OPEC and Russia failed to reach a deal on production cuts at the weekend.
