Follow-Ons/Rights Issues - All Articles

  • Biotech fundraising boom continues with CureVac IPO

    Germany’s CureVac has gone public on the Nasdaq, joining the army of biotech companies that have tapped the equity capital markets for cash during the pandemic, despite growing concern of a brewing dot-com style bubble.

    • 10.00 AM
  • Cellnex concludes €4bn rights issue with ‘unbelievable’ oversubscription

    Spanish telecommunications infrastructure company Cellnex has finished its €4bn rights issue to fund further M&A opportunities, with an extremely high oversubscription.

    • 08.00 AM
  • Summit sells rights to fund CB buy, Russia project

    Hong Kong-listed Summit Ascent Holdings, an investment holding company focused on operating resorts, is planning a rights issue worth HK$1.6bn ($206m).

    • 06.15 AM
  • What’s next for Société Générale and Natixis?

    Société Générale and Natixis have purged their senior ranks following second-quarter losses and to prepare for strategic revamps, but David Rothnie thinks the future will remain challenging for both.

    • 13 Aug 2020
  • Equity-linked boom to run on as firms navigate recovery

    Convertible bond market participants are expecting a busy September for new issuance, including a potential resurgence of distressed deals if an economic recovery from the pandemic and associated lockdowns fails to materialise.

    • 13 Aug 2020
  • China’s Ke faces down US hostility with $2bn listing

    Ke Holdings sealed a $2.12bn IPO on the New York Stock Exchange this week, the largest US listing by a Chinese firm in more than two years, defying the shock caused by US sanctions against one of its largest shareholders, Tencent Holdings. Jonathan Breen reports.

    • 13 Aug 2020
  • Pandemic means market can handle IPO wave

    European equity capital markets are gearing up for a wave of autumn IPOs and are worrying that they will struggle for investor attention. But one of the few good things to have emerged from the coronavirus pandemic — the use of technology to accelerate deal calendars — should alleviate fears of congestion.

    • 13 Aug 2020
  • EQT offloads Musti Group shares for €118m

    Private equity firms EQT Partners and Vaaka Partners have offloaded €118.5m of stock in Musti Group, the Finland-based pet store, in an otherwise barren week for block trades in EMEA.

    • 13 Aug 2020
  • Economist Brad Setser on swap lines: Fed acted with speed and force

    Many saw the US Federal Reserve’s decision to lend hundreds of billions of dollars to certain central banks at the height of the coronavirus crisis as pivotal in preventing further calamity in global markets. Brad Setser, senior fellow for international economics at the Council of Foreign Relations, gives a great deal of credit to the Fed for its forceful intervention. But if markets begin to see the US central bank as a global lender of last resort, there may be a greater risk of imprudent behaviour and more political tumult in the US.

    • 13 Aug 2020
  • ICICI Bank seals $2bn QIP, InterGlobe to follow

    India's placements market is heating up, with new issuers set to raise fresh equity.

    • 13 Aug 2020
  • OneConnect nets $324m from NYSE follow-on

    OneConnect Financial Technology Co, a Chinese technology-as-a-service platform, raised $324m this week from a larger than expected follow-on offering of its US-listed stock.

    • 13 Aug 2020
  • Wayfair issues $1.32bn convertible as stock flies

    Wayfair, the US e-commerce company that sells home office furniture, has raised $1.32bn with the sale of a new convertible bond, after a surge in its stock price during the Covid-19 pandemic.

    • 13 Aug 2020
  • IPO 'wave' to test investor capacity

    Europe’s equity capital markets have gone quiet in August as investors take a holiday before what is expected to be a busy September. Bankers are keen to get their deals done quickly when the market reopens to avoid running into bad news on Covid-19 and a volatile US election, meaning investors will be asked to take part in an onslaught of IPOs in a true test of market capacity.

    • 12 Aug 2020
  • Prudential could roll off debt after split with US operations

    Prudential plc confirmed this week that it intends to separate from its US arm, Jackson National. The move means Prudential will likely deleverage by letting bonds roll off over the next two years.

    • 12 Aug 2020
  • KKR issues $1bn mando to fund deal for insurer Global Atlantic

    KKR, the US private equity group, has sold a $1bn mandatory convertible bond to fund its acquisition of life insurer Global Atlantic Financial Group, which it announced last month.

    • 12 Aug 2020
  • Deutsche plucks two healthcare bankers

    Christina Too and Gordon Butterworth will join Deutsche Bank as managing directors in its healthcare investment banking coverage and advisory team for Europe, the Middle East and Africa.

    • 12 Aug 2020
  • Vistas Media nets $100m from US Spac IPO

    Vistas Media Acquisition Co (VMAC) has raised $100m after listing on the Nasdaq. It plans to use the funds for M&A in the media and entertainment industry.

    • 12 Aug 2020
  • IndiGo eyes $535m from primary share sale

    InterGlobe Aviation is looking to raise up to Rp40bn ($535.4m) from a placement of new stock.

    • 12 Aug 2020
  • Proost! William Blair hires banker for food and drinks in Amsterdam

    Arthur van der Goes is joining William Blair’s investment banking franchise from Rabobank.

    • 12 Aug 2020
  • ‘Corruption is incentive plus stupidity,’ says J Capital's Anne Stevenson-Yang

    Anne Stevenson-Yang is a director and co-founder of J Capital Research, a New York firm and short seller that specialises in Chinese companies, as well as international companies looking to grow their business in China. GlobalCapital spoke to Stevenson-Yang about the dangers of trusting financial reporting from China, and steps stock exchanges could take to stifle the likelihood of fraud.

    • 11 Aug 2020
  • Dividend cuts creating ECM opportunity

    The huge swathe of dividend cuts UK companies have made because of lockdown has created an opportunity, to issue equity capital, for those that have not stopped returning money to their owners.

    • 11 Aug 2020
  • Markets primed for €2.75bn IAG rights issue

    Equity capital markets are preparing for a wave of rights issues this autumn as companies raise capital to withstand a prolonged Covid-19 pandemic. One of the most talked about is a rights issue for IAG, the airline holding company that owns British Airways, with market participants praying that sentiment holds up throughout August enough to allow the deal to succeed in September.

    • 11 Aug 2020
  • PP investors 'first in line' for Hammerson payout

    Institutional investors holding Hammerson’s £689m ($900.27m) of private placements (PPs) are to be offered a pre-payment option first after the UK property company’s intended rights issue, according to a prospectus on the upcoming trade. Unlike the UK property company’s bondholders and bank lenders, during their coronavirus amendment process, PP investors negotiated an offer of pre-payment at par of 30% of any proceeds of capital raises or disposals.

    • 11 Aug 2020
  • Convertibles thrive in pandemic but are no financial panacea

    The convertible bond market has played a vital role during the Covid-19 global pandemic in funding corporates that were in urgent need of liquidity as the crisis took hold. Deals have performed for investors too, although they should be concerned about the potential for rising defaults.

    • 11 Aug 2020
  • Trump sends a message via WeChat. Don’t ignore it.

    US president Donald Trump’s sudden targeting of Tencent Holdings and its flagship app WeChat last week was vague in the extreme. But what is clear is the Trump administration’s increasing willingness to go after China’s tech darlings. That should not be ignored.

    • 11 Aug 2020
  • Barclays boosts global SRI team

    Barclays is building up sustainability coverage in its investment bank with new positions announced globally on Monday and effective immediately.

    • 11 Aug 2020
  • ICICI Bank wraps up $2bn share sale

    ICICI Bank has closed its up to Rp150bn ($2bn) qualified institutional placement, according to a source close to the deal.

    • 11 Aug 2020
  • China Education bags HK$2bn from bigger top-up

    China Education Group Holding has raised HK$2bn ($260m) after boosting the size of a top-up share placement.

    • 11 Aug 2020
  • OneConnect returns to US with follow-on

    US-listed OneConnect Financial Technology Co, a Chinese company whose stock price has doubled this year, is tapping equity investors for new funds.

    • 11 Aug 2020
  • Tencent-backed Ke to close $2bn IPO early

    Ke Holdings, which operates Chinese real estate platform Beike, is set to close the orderbook for its $2bn US listing a day earlier than planned, according to a source close to the deal.

    • 11 Aug 2020
  • EDP rights issue twice oversubscribed, bodes well for Cellnex

    Energias de Portugal, Portugal’s largest utility, closed its cash call in Lisbon on Friday with 93.8% of shareholders taking up their rights. However, the company attracted demand worth 256% of the €1bn offering. Market watchers hope the result augurs well for Spanish telecoms operator Cellnex's rights issue on Thursday.

    • 10 Aug 2020
  • K-pop shop aims for smash hit IPO

    South Korea’s Big Hit Entertainment, manager of K-pop boy band BTS, has won early-stage approval for its IPO.

    • 10 Aug 2020
  • XPeng charges up $100m US IPO

    Chinese electric vehicle manufacturer XPeng is aiming to raise up to $100m from a listing on the New York Stock Exchange.

    • 10 Aug 2020
  • Carnival Cruises buys back CBs after share sale

    Carnival Cruises has completed a partial buy-back of the $2bn three-year convertible bond it issued in April, to give it extra liquidity during the Covid-19 pandemic.

    • 10 Aug 2020
  • Ke Holdings launches $2bn NYSE listing

    Ke Holdings has kicked off bookbuilding for a $2bn US listing. But it has come as one of its largest shareholders, internet giant Tencent Holdings, was blindsided by the US with sanctions.

    • 10 Aug 2020
  • i3 Energy announces £30m share sale to fund reverse takeover

    Aim-listed oil and gas producer i3 Energy has announced a £30m fundraising to finance its reverse takeover of Canadian firm Gain Energy’s petroleum and infrastructure assets.

    • 07 Aug 2020
  • Dollar drop, Beirut shock, credit top

    This week in Keeping Tabs: confronting dollar bears, Lebanon’s crisis, the power of debt in Ireland, and funding equity research.

    • 07 Aug 2020
  • IPO investors pay up for Freeline as biotech fever rises

    Freeline, the UK gene therapeutics company, has priced its IPO on the Nasdaq exchange at the top of the pricing range, with investors willing to pay a big premium for the stock. The company is the latest deal in a global biotech issuance spree that has passed $60bn.

    • 07 Aug 2020
  • Shanghai Henlius gets CSRC nod for equity issue

    Hong Kong-listed Shanghai Henlius Biotech has won approval from the Mainland securities regulator to sell a chunk of new shares.

    • 07 Aug 2020
  • Excellence Commercial Property readies $300m HK listing

    China’s Excellence Commercial Property and Facilities Management Group is preparing to launch its Hong Kong IPO this month, according to a source close to the deal.

    • 07 Aug 2020
  • People moves in brief

    Krupa to replace Cabannes at SG — JP Morgan reshuffles activist defence business — Credit Suisse gives Cohen new position

    • 06 Aug 2020
  • ECM bankers pray macro risk won’t disrupt deals

    Equity capital markets bankers are hoping that global markets maintain the extraordinary bullishness of the last few weeks in what should prove a busy final quarter of the year for issuance. But an unholy trinity of risks are causing concern, particularly for IPOs.

    • 06 Aug 2020
  • Carnival Cruises buys back rescue convertible

    Carnival Cruises has launched a partial buy-back of the $2bn three year 5.75% convertible bond it issued in April to provide itself with more liquidity during the Covid-19 global pandemic.

    • 06 Aug 2020
  • Market welcomes new Natixis CEO Namias

    Investors appeared positive on Natixis's prospects after Nicolas Namias replaced François Riahi as chief executive. Meanwhile, the bank has said it will reposition its equities division after it endured another tough quarter.

    • 06 Aug 2020
  • Alibaba Health seals HK’s largest follow-on in five years

    Alibaba Health Information Technology navigated concerns around its lofty valuations to pull off Hong Kong’s largest primary follow-on in five years, raising HK$10bn ($1.29bn) after boosting the size of the deal. The transaction closed with a bulging book, showing that demand for the healthcare sector is yet to peak. Jonathan Breen reports.

    • 06 Aug 2020
  • Hammerson joins wave of mega rights issues

    Hammerson, the UK property company, launched a £550m rights issue on Thursday morning, becoming the latest firm to come to market with a large capital raise to offset the damage of a long Covid-19 pandemic.

    • 06 Aug 2020
  • Hope Education boosts debut share placement

    Hope Education Group made its debut visit to the equity capital market this week, raising HK$1.2bn ($153m) after increasing the size of a primary share placement.

    • 06 Aug 2020
  • Taylor returns to Goldman for Australia ECM job

    Ian Taylor has rejoined Goldman Sachs, as head of equity capital markets for Australia and New Zealand, following a short stint at a fintech-focused merchant bank in the US.

    • 06 Aug 2020
  • QIPs in focus as HDFC, Axis wrap up deals

    Investors threw their weight behind Housing Development Finance Corp's Rp140bn ($1.87bn) fundraising this week.

    • 06 Aug 2020
  • The right time for rights issues

    Equity capital markets are preparing for a busy autumn, with companies looking to raise cash to survive and thrive through the Covid-19 pandemic. But the window for raking in money may well be small, with a number of factors, of which a rising infection rate is only one, threatening turbulence for some time to come.

    • 06 Aug 2020
  • Mediolanum hires Goldman alum in Dublin

    Mediolanum International Funds Ltd (MIFL), the international asset management arm of Italy’s Mediolanum has appointed a new portfolio manager for its European equities team in Dublin.

    • 05 Aug 2020
  • BNPP sells MTNs linked to new Aussie climate index

    BNP Paribas has issued a series of green medium-term notes linked to the performance of the new Australian Climate Transition Index (ACT), which is made up of companies expected to thrive in the transition to keep global warming below 2°C.

    • 05 Aug 2020
  • Capital markets ready for insurer financing as FCA case ends

    The insurance industry is eagerly awaiting the result of a court case which would determine whether they have to pay out Covid-19 claims under basic business interruption policies. If the case goes against them some are expected to hit the capital markets for financing.

    • 05 Aug 2020
  • Hipgnosis buys Blondie catalogues after £236m share sale

    Hipgnosis Songs Fund, the London-listed investment fund focused on music catalogues, has used £236m of growth capital raised last month to purchase athe rights to songs by Blondie.

    • 05 Aug 2020
  • Axis Bank eyes Rp100bn from share placement

    Indian private sector lender Axis Bank is set to price a qualified institutional placement worth up to Rp100bn ($1.34bn).

    • 05 Aug 2020
  • Alibaba Health nets $1.3bn from record healthcare follow-on

    Alibaba Health Information Technology has sealed Hong Kong’s largest primary follow-on in five years, navigating concerns over high valuations to increase the size of the deal to HK$10bn ($1.29bn).

    • 05 Aug 2020
  • Alibaba Health launches $1bn share sale

    Alibaba Health Information Technology hit the market on Tuesday evening to raise up to HK$8.2bn ($1.06bn) in fresh equity from a follow-on, according to a term sheet seen by GlobalCapital Asia.

    • 04 Aug 2020
  • Secondary blocks market reopens with big Swiss trades

    European equity capital markets investors had a big night of secondary blocks to look at on Monday, with two large Swiss trades which totalled around Sfr1bn ($1.09bn) of volume combined. The transactions showed that there is still a market for block trades in large, liquid stocks with recent ECM pedigree.

    • 04 Aug 2020
  • JP Morgan reshuffles activist defence team

    JP Morgan has reorganised its team dedicated to advising clients on how to defend against campaigns by activist investors.

    • 04 Aug 2020
  • Luckin Coffee: a crackdown or a sideshow?

    China’s hands-on approach into investigating Luckin Coffee signals that the regulators are serious about cracking down on financial crimes by corporations. But the full extent of their commitment will only be revealed by how they tackle similar problems in the future.

    • 04 Aug 2020
  • Kakao Games eyes W384bn from long-awaited IPO

    South Korean game developer Kakao Games is set to list in September for up to W384bn ($323m), reviving the deal two years after dropping its initial IPO plans.

    • 04 Aug 2020
  • Freeline sets range for US IPO as biotech 'bananas' surge continues

    Freeline Therapeutics, the UK gene therapeutics company, has set a pricing range for its Nasdaq listing, becoming the latest company from the red hot biotech sector to raise equity capital.

    • 03 Aug 2020
  • Embattled HSBC to press on with restructuring

    HSBC revealed a big increase in credit loss provisions in its second quarter results on Monday, as it vowed to step up the pace of its strategy shift. In the investment bank, it was a strong outing for fixed income and currencies trading, but a disappointing quarter for equities.

    • 03 Aug 2020
  • Vanguard Group sells largest deal in US PP history

    The Vanguard Group, the US asset manager which pioneered low cost, index-tracking investment, has sold $3bn worth of private placements. According to GlobalCapital data, this deal is the largest ever recorded in the US private placement market.

    • 03 Aug 2020
  • Big rights issues expected as firms dig in for long pandemic

    Equity capital markets bankers are preparing for a busy autumn of rights issues as companies prepare to weather a long period of Covid-19 disruption. Because of the uncertainty over the the length and severity of the pandemic, businesses are said to be looking at larger capital raises than before.

    • 03 Aug 2020
  • SG to derisk structured products

    Société Générale will make its structured products less risky, it said, after a difficult first half of the year in its equities business.

    • 03 Aug 2020
  • More airline deals in works as crisis continues

    The airline sector has become one of the biggest “deep recovery” trades in the equity capital markets following a wave of issuance in recent months.

    • 03 Aug 2020
  • Grand Pharmaceutical pockets HK$1bn from share sale

    China Grand Pharmaceutical and Healthcare Holdings has tapped the equity capital market for HK$1.01bn ($130.9m), boosting its share price over 20% as a result.

    • 03 Aug 2020
  • Credit Suisse makes changes in levfin, DCM, energy and infra

    Credit Suisse has given staff including Jeff Cohen new positions and is also creating a new energy and infrastructure group.

    • 03 Aug 2020
  • Corrected: Shriram Transport Finance’s rights issue wrapped up

    Shriram Transport Finance Co has scooped up Rp14.9bn ($199m) from a rights issue in India.

    • 03 Aug 2020