ABBs/Block Trades - All Articles

  • Remote ECM bankers cannot switch off

    Equity capital markets are adjusting to life in quarantine, with most bankers saying they are well set up to work remotely during Covid-19 lockdowns. Even syndicate bankers, natural sceptics to home working, are starting to have faith that business can be done at a distance.

    • 31 Mar 2020
  • Lower cash positons making ECM investors more selective

    Equity capital markets are slowly reopening for companies at a time when there is a dire need for funding. However, the Covid-19 sell-off in global stock markets in the past month has meant that funds and asset managers have had limited inflows, meaning they have less cash to use in new deals. This is leading to a higher degree of selectivity.

    • 31 Mar 2020
  • Viva eyes up to HK$1.5bn from Li Ning block

    Viva China Holdings is selling a chunk of stock in sportswear manufacturer Li Ning Co worth as much as HK$1.51bn ($194.3m).

    • 31 Mar 2020
  • More UK equity capital raises without pre-emption to come, say bankers

    More companies will raise equity capital without first offering existing shareholders pre-emption rights, given the "unprecedented" economic damage being caused by the spread of Covid-19.

    • 30 Mar 2020
  • FDJ IPO wins big at GlobalCapital equity awards

    GlobalCapital may not have been able to celebrate its Equity Capital Markets Awards in person with the winners this year but we are no less delighted to be able to reveal who they are and those winners are no less deserving for it. We fully intend that the dinner will return next year but for the meantime, here are some of the highlights from this year’s crop. Our congratulations to all.

    • 27 Mar 2020
  • Equity investors not ready to call the bottom

    US and European stocks rallied this week, recovering some of the losses suffered during the worst equity market sell-off since the 2008 financial crisis, but investors are not ready to pile back into the market yet, fearful of the spread of the Covid-19 coronavirus in the United States.

    • 27 Mar 2020
  • GlobalCapital ECM Awards for 2019: winners revealed

    GlobalCapital is pleased to reveal the winners and nominees of its 2019 Equity Capital Markets Awards.

    • 27 Mar 2020
  • Corporates in race for fast cash as banks push for reg relaxation

    European corporates facing months of operational lockdown in the face of the coronavirus pandemic are turning to equity capital markets to secure their survival. But they need to be quick about it with markets so volatile, meaning banks are exploring how to get them in and out of the market without putting them through the long, arduous process of a rights issue.

    • 26 Mar 2020
  • SSP feeds fast on £216m equity raise to offset pandemic panic

    Banks took advantage of a huge rally in UK equities on Tuesday to launch a placing in SSP, a UK food outlet operator, in order to give it the cash required to strengthen its balance sheet, working capital and liquidity position because of disruption caused by Covid-19.

    • 25 Mar 2020
  • JP Morgan sells £59m of BT Group stock for ADR holders

    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.

    • 25 Mar 2020
  • Sweet and sour: Hotel Chocolat raises equity as Covid-19 hits UK SMEs

    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.

    • 20 Mar 2020
  • Rights issues run aground as vol crushes ECM

    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.

    • 19 Mar 2020
  • Market violence to make blocks painful for forced sellers

    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.

    • 17 Mar 2020
  • Equity markets in survival mode as ‘insane’ volatility hits

    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.

    • 12 Mar 2020
  • Oil price collapse wreaks havoc on primary equity markets

    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.

    • 09 Mar 2020
  • Blocks and converts thrive despite coronavirus panic

    The most brutal equity market sell-off since the 2008 financial crisis rocked equity capital markets last week. But the primary market remains open, with investors open to block trades and the increased volatility benefitting convertible bonds, report Sam Kerr and Aidan Gregory.

    • 05 Mar 2020
  • SIG Combibloc trade grown as ECM bucks market vol

    SIG Combibloc, the Swiss food and beverage packaging company, took advantage of strong demand among ECM investors to price a Sfr539.6m ($564.1m) block trade, growing the deal in the process.

    • 05 Mar 2020
  • Biden bump a bonus for ECM

    Equity capital markets bankers were celebrating a rare piece of good macroeconomic news on Wednesday morning: the surprise surge of former US vice-president Joe Biden in his bid to win the Democratic nomination to be presidential candidate in November’s election.

    • 04 Mar 2020
  • TeamViewer shows ECM wide open for right block trade

    A €704m share block in German remote software company TeamViewer showed that the equity capital markets are still open for large opportunistic block trades, despite equity market fears over the spread of the Covid-19 coronavirus.

    • 04 Mar 2020
  • ‘Game on’ for equity block trades after indices bounce higher

    Equity capital markets bankers are preparing block trades for launch this week, following a big bounce in stocks on Monday. Banks are working hard to try to bring the transactions to the market while they can, in what they sense might be a short issuance window.

    • 03 Mar 2020