Follow-Ons/Rights Issues

  • UK equities grapple with Covid-19 dividend cancellations

    UK equities grapple with Covid-19 dividend cancellations

    UK equity market participants are assessing the impact of a huge number of dividend cancellations or postponements. It is another layer of fundamental disruption to business as usual, brought about by the coronavirus pandemic, and one which could have wider repercussions.

  • UK firms wrestle with equity raising knots in their darkest hour

    UK firms wrestle with equity raising knots in their darkest hour

    UK companies damaged by the coronavirus lockdown are rushing to the equity market to raise capital, hoping to survive the worst economic disruption most of them have ever faced. Banks are having to stretch deal structures to get the crucial financings done, but this will not work in all cases.

  • Carnival rescue bond eschews euros as dollars goes large

    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.

  • UK body gives thumbs up to pre-emption relaxation

    UK body gives thumbs up to pre-emption relaxation

    The Pre-Emption Group, an assembly of listed companiesm investors and intermediaries that monitors pre-emption rights in the UK, has changed its guidelines to say that the impacts of the Covid-19 coronavirus means investors should support companies selling new shares worth up to 20% of their market capitalisation without giving existing shareholders first refusal.

  • Covid-19 sinks AMS rights issue

    Covid-19 sinks AMS rights issue

    Underwriting banks must subscribe to 30% of AMS's Sfr1.75bn (£1.81bn) rights issue after the spread of the Covid-19 coronavirus smashed the Austrian sensor maker's share price during the offer period. Equity capital market sources said they have never seen a market which is so bad for issuance.

  • Covid-19 crushes ECM aspirations for 2020

    Covid-19 crushes ECM aspirations for 2020

    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 sell-off sparked by the spread of the coronavirus across the globe and the shutdown of major economies.

  • Lower cash positons making ECM investors more selective

    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.

  • Hipgnosis Songs Fund buys Bon Jovi rights ahead of fresh capital raise

    Hipgnosis Songs Fund buys Bon Jovi rights ahead of fresh capital raise

    Hipgnosis Songs Fund, the London-listed investment fund focused on song royalties, has acquired the music catalogue of Richie Sambora, the lead guitarist of Bon Jovi and co-writer of the US band’s hits, for an undisclosed price. It is an example of the acquisitions the fund continues to make as it mulls a fresh equity capital raise.

  • FDJ IPO wins big at GlobalCapital equity awards

    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.

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