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Shipbuilder's shares fall 10% after capital raise
Italian shipbuilder is expanding capacity on strong defence demand
Deal priced at 1% premium to Monday's close
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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?
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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.
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Anglo American’s announcement this week that it will increase its asset sales target to $4bn, as part of a plan to adjust to painfully lower minerals prices, is the latest sign of two trends that are expected to drive M&A activity and equity capital markets business in 2016: carve-outs and divestments of assets; and the shake-up in natural resources.
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The Pakistan Stock Exchange (PSE) is set to launch on January 1 in a keenly-anticipated ceremony that will be attended by top government officials and foreign investors eyeing a stake in the soon-to-be unified bourse.
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Credit Suisse completed its Sfr4.7bn ($4.72bn) rights issue on Thursday with a 99% take-up. Together with another four large rights issues now in the market, the financing tool is set to give ECM a much-needed end-of-year volume boost.
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Malaysia’s Hong Leong Financial Group has sealed its MR1.1bn ($261m) rights issue as shareholders piled into the trade, leading to an oversubscription.