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Follow-ons and Rights issues

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  • At this time of year, attention in the equity capital market is divided between avidly fighting for next year’s mandates, which are beginning to mount up — and counting the spoils from this year. Has it been a good, bad or indifferent year — and for whom?
  • Standard Chartered and Lonmin will each begin a new chapter in their stories on Friday, as results are published of their rights issues, books for which closed on Thursday.
  • Eurofins Scientific, the French laboratory testing company, tried and failed to raise €339m of new capital in an overnight block trade on Wednesday night, despite the very strong recent performance of its shares.
  • The equity-linked market in Europe has been quiet since Total SA’s $1.2bn deal on November 25, but on Wednesday a very different deal was executed successfully by Basilea Pharmaceutica, a small and still unprofitable Swiss drug company.
  • At this time of year, attention in the equity capital market is divided between avidly fighting for next year’s mandates, which are beginning to mount up — and counting the spoils from this year. Has it been a good, bad or indifferent year — and for whom?
  • CRCC High-Tech Equipment Corp, a unit of Chinese state-owned China Railway Construction Corp, has raised HK$2.8bn ($361m) from its IPO in Hong Kong after pricing near the bottom of the range.