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Italian shipbuilder is expanding capacity on strong defence demand
Deal priced at 1% premium to Monday's close
Booming metal prices could bring more equity deals
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In just three days this week, Carillion, the UK construction and support services group, lost 70% of its value, prompting fears of a debt-to-equity swap. This anguish comes only five months after Carillion raised €112m in the Schuldschein market, which is unused to defaults, write Silas Brown and Jon Hay. -
Equiniti, the UK provider of payment and administration services, has launched a fully underwritten rights issue to partly finance its takeover of Wells Fargo’s share registrar unit.
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Equity issuance in Asia is up nearly 20% this year, buoyed by a surge in block trades and rising share prices. As 2017 passes the halfway mark with what some believe to be the best conditions for the primary equity market in years — as well as a crowded pipeline — bankers are looking to make the most of the second half. John Loh reports.
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Direct Energie, the French gas power stations group, raised €130m of new capital on Tuesday evening in a block trade, to finance its acquisition of renewable energy group Quadran for an initial €303m.
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Carillion’s share price fell roughly 40% after bleak profit warnings on Monday, and another 33% on Tuesday. The UK outsourcing and construction company's tumble comes only five months after it successfully issued a €112m — confirming for some that the market has become too open to unsuitable borrowers.
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BNP Paribas’s drive to strengthen its EMEA equity capital markets business under Andreas Bernstorff, who took over as its head in January, has taken another step with what should be two important hires, while two managing directors are leaving the team.
