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GC Asia
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Carnival rescue bond eschews euros as dollars goes large
The high yield bond leg of the rescue package for cruise company Carnival is flying off the shelves in the dollar market, leading the company to increase it from $3bn to $4bn, cut pricing, and drop the planned euro tranche entirely — but the equity capital raising is proving tougher and has been shrunk by $500m.
04.15 PM -
Covid-19 destroys solid start to 2020 for ECM
Equity capital markets in Europe got off to a great start in the first quarter of 2020 but any optimism about more deal flow has swiftly been killed off by the onset of a global equity market selloff sparked by the spread of the Covid-19 coronavirus across the globe and the shutdown of major economies.
31 Mar 2020 -
ECM syndicates warm to home working but can't 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 skeptics to home working, are starting to have faith that business can be done at a distance.
31 Mar 2020 -
Société Générale: French ECM’s serial winner
For consistency and execution, Société Générale is GlobalCapital’s best bank for equity capital markets in France and Benelux.
27 Mar 2020 -
HSBC builds up converts into success story
HSBC entered Europe’s top three in the equity-linked league tables in 2019, capping a multi-year rise with a series of firsts and eye-catching deals.
27 Mar 2020 -
Singapore Airlines battles pandemic with jumbo rights issue, CB combo
Singapore’s flag carrier is planning to raise S$8.8bn ($6.16bn) from a concurrent rights issue and sale of convertible bonds to help stem crippling losses driven by the Covid-19 coronavirus.
27 Mar 2020 -
Zur Rose reopens European equity-linked bond market
Zur Rose, a Swiss online pharmacy group, revived the primary equity-linked bond market in Europe this week, issuing a debut Sfr175m five year convertible bond as demand for its services increases amid the Covid-19 crisis.
26 Mar 2020 -
NMC's convertible bonds become worthless
NMC Health’s $360m convertible bonds are trading at mere cents on the dollar, suggesting virtually no recovery value after the scandal-hit UAE hospitals group said on Tuesday it had discovered even more undisclosed debt.
24 Mar 2020 -
FCA says no to UK shorting ban despite European crackdown
The Financial Conduct Authority, the City regulator, has said it will not introduce a short selling ban, since there was no proof that short selling was responsible for the recent market falls.
24 Mar 2020 -
Extreme daily vol puts equity capital raising on hold
The wild daily swings in equity markets and stratospheric levels of volatility caused by the Covid-19 crisis has left equity capital markets bankers with very little to do, beyond waiting for the market to find a floor when executing transactions becomes feasible once again.
18 Mar 2020
