• IPO investors suspect equity rally is bull

    The S&P 500 last week broke through the 3,000 level and set a new record high to cap seven months of global equity indices gains. But active equity fund managers remain sceptical of the rally and are continuing to exercise caution particularly in IPO investing.

    • 18 Jul 2019
  • Dual track embedded in Europe's IPO market

    Dual track processes, where companies explore M&A options alongside a public market listing, have become more common on both sides of the Atlantic in recent years and are now an embedded feature of equity capital markets. As private capital markets continue to grow, at the expensive of public equity markets, dual track is leading to fewer and fewer listings.

    • 18 Jul 2019
  • AB InBev has few options after pulling Asian IPO

    Anheuser-Busch InBev’s decision to pull the $9.8bn IPO of its Asian business is a classic example of a seller not listening to the views of investors when it comes to valuation.

    • 18 Jul 2019
  • Equity investors look to EM as slowdown fears persist

    Asset managers are looking to the emerging markets as a hedge against a slowdown in the US and Europe.

    • 18 Jul 2019
  • DouYu scores on bumper return to Nasdaq IPO

    China’s DouYu International Holdings ended a three month journey to a Nasdaq listing this week, closing the biggest Chinese deal on the exchange this year. The company was forced to price the shares at the bottom of guidance, but returned with a much bigger size than originally planned. Gina Lee and Jonathan Breen report.

    • 18 Jul 2019
  • Asia IPOs news in brief: July 18, 2019

    Wanda Sports kicks off IPO bookbuild — CloudMinds starts gauging interest for $500m float — NetEase's Youdao eyes US listing — Alphamab Oncology gears up for HK deal

    • 18 Jul 2019
  • Investors warn IPO sellers to take them 'seriously'

    Europe’s equity capital markets professionals are looking ahead to the next crop of IPOs in September but investors are insisting to sellers that they are a picky bunch when it comes to what they will buy and at what price.

    • 17 Jul 2019
  • JP Morgan expands private capital markets team

    JP Morgan is growing its team dedicated to private equity capital markets transactions, as banks increasingly look to the space to make up for declining IPO volumes.

    • 16 Jul 2019
  • Fund seeks to open Uzbekistan to London investors

    Investors in London have been considering the opportunity to invest in Uzbekistan this week, through a new closed-end fund, Oltin, the first internationally listed security giving investors exposure to the Central Asian republic.

    • 16 Jul 2019
  • Alphamab Oncology gears up for HK IPO

    Chinese biopharmaceutical company Alphamab Oncology is planning to start sounding out investors for its Hong Kong IPO later this week, according to a source close to the transaction.

    • 16 Jul 2019
  • NetEase's Youdao eyes US listing

    Online education platform Youdao is working with a pair of US banks for a potential New York listing, according to a source familiar with the matter.

    • 16 Jul 2019
  • CloudMinds starts gauging interest for $500m float

    Chinese robotics company CloudMinds has started sounding out investors for a $500m IPO of American Depository Shares (ADS) on the New York Stock Exchange, according to bankers close to the situation.

    • 16 Jul 2019
  • India seeks bookrunners for THDC, Ircon divestments

    The Indian government has sent out two requests for proposals for banks to handle the divestment of stakes in hydro-electric power company THDC India and railway construction firm Ircon International.

    • 16 Jul 2019
  • Prime US Reit nets $612m from Sing IPO

    Prime US real estate investment trust has bagged S$829.7m ($611.6m) from its Singapore IPO, becoming the third pure US property Reit to list in the city-state this year.

    • 16 Jul 2019
  • Unipharm navigates tricky IPO market to raise €136m

    Unipharm, the Irish healthcare services company, has managed to successfully price its €136m IPO in London and Dublin, despite price sensitivity among investors leading to the cancellation of two significant IPOs last week.

    • 15 Jul 2019
  • Active investors urged to enter equity bull market

    The S&P 500 may have closed above 3,000 on Friday, a new record high for the index, but flow data suggests that few active managers are taking advantage of the bull market in primary or secondary.

    • 15 Jul 2019
  • Home Credit lines up billion-dollar-plus HK listing

    Emerging market consumer finance company Home Credit filed its draft prospectus in Hong Kong on Monday, setting its $1bn-plus IPO in motion, according to a source with direct knowledge of the matter.

    • 15 Jul 2019
  • Wanda Sports kicks off IPO bookbuild

    China’s Wanda Sports Group began a week-long bookbuild on Monday morning, with a plan to raise as much as $500m on the Nasdaq.

    • 15 Jul 2019
  • AB InBev’s Asia unit pulls jumbo HK IPO

    Budweiser Brewing Company Apac shelved what could have been the largest float globally so far this year and the biggest in nearly a decade in Hong Kong after investors rejected its punchy valuation target, dealing a blow to the city’s IPO market.

    • 15 Jul 2019
  • Budweiser yet to price Hong Kong IPO

    Budweiser Brewing Apac has delayed pricing its jumbo float on the Hong Kong Stock Exchange, according to a source at the company.

    • 12 Jul 2019
  • UBS to make a splash in private pools

    UBS’s decision to create a global team dedicated to private capital markets is symptomatic of a shift in how companies finance themselves and time their IPOs. With vast pools of private capital available, companies are going public later in their lifecycles, leading to stretched valuations and fewer listed companies. Aidan Gregory reports.

    • 11 Jul 2019
  • Shanghai's Star board set to open with 25 names

    The Shanghai Stock Exchange (SSE) has pledged to host at least 25 companies on the Star board by July 22, when it opens for trading. That tight deadline caused nine companies to open books on the same day this week.

    • 11 Jul 2019
  • NHIS and KIS face IPO sponsor bans in Korea

    The Korea Exchange has temporarily banned NH Investment & Securities (NHIS) and Korea Investment & Securities (KIS) from sponsoring growth-track IPOs in the country until November 2020, according to multiple sources close to the situation.

    • 11 Jul 2019
  • AB InBev Asia guides IPO investors to bottom end

    Budweiser Brewing Co Apac was set to price its multi-billion-dollar Hong Kong IPO at the bottom of guidance on Thursday, according to a banker on the deal.

    • 11 Jul 2019
  • Swiss Re calls off ReAssure IPO due to tepid investor demand

    Swiss Re is blaming weak investor demand for it postponing the £793m IPO of ReAssure, its UK closed book life insurance division.

    • 11 Jul 2019
  • UBS founds new team dedicated to private capital markets

    UBS has created a new global team focused on private capital markets, giving it more exposure to a rapidly growing area of finance, as companies go public later in their life cycles and the amount of institutional and private money dedicated to private equity has grown and become more sophisticated.

    • 10 Jul 2019
  • Italy equity rally boosts likelihood of Iistings revival

    The Italian benchmark FTSE MIB Index has risen more than 20% this year, buoyed by a rally in euro assets following the European Central Bank’s signal that it may adopt a more dovish stance and resume its bond buying programme. There is hope that this will translate into a strong market for Italian IPOs once the market reopens after the summer.

    • 10 Jul 2019
  • Updated: Edvantage IPO lands in the middle

    Private education provider Edvantage Group has priced its well-oversubscribed Hong Kong IPO in the middle of the price range, raking in HK$712.5m ($91.2m).

    • 10 Jul 2019
  • Sri Trang Agro gets going on glove unit spin-off

    Thai natural rubber company Sri Trang Agro Industry approved a spin-off of its gloves production unit at a board of directors meeting this week.

    • 10 Jul 2019
  • Cornerstone investors: still key for HK IPOs

    Budweiser Brewing Apac is on track to seal the biggest IPO globally so far this year, and the largest in Hong Kong in more than a decade. While the base size of up to HK$76.4bn ($9.8bn) alone is impressive, equally so is the company’s decision to eschew cornerstone investors altogether. But there’s a long way to go before other issuers will be able to follow in its footsteps.

    • 09 Jul 2019
  • PapayaMobile withdraws from SSE Star listing

    Beijing-based PapayaMobile, a mobile advertising company, this week became the first candidate to back out of its application to list on the Star market. The Shanghai Stock Exchange (SSE) questioned the level of advancement of the firm’s core technologies and its accuracy of disclosure.

    • 09 Jul 2019
  • IVD Medical Holdings IPO goes for the floor

    Chinese in-vitro diagnostic products distributor IVD Medical Holdings has priced its Hong Kong IPO at HK$3.07 a share, the bottom of the price range, to raise HK$1.02bn ($131.28m).

    • 09 Jul 2019
  • Sterling and Wilson Solar gets Sebi nod for Rp45bn listing

    India’s securities regulator has given the greenlight for Sterling and Wilson Solar’s IPO, which could raise up to Rp45bn ($655m).

    • 09 Jul 2019
  • DouYu kicks off $943m US IPO roadshow

    Chinese online game streaming platform DouYu has launched a Nasdaq IPO, having delayed its plans in May amid tumultuous markets.

    • 09 Jul 2019
  • Deutsche to keep ECM sales, retreat from blocks market

    Deutsche Bank has made deep cuts to its equity sales and trading business, as part of an aggressive restructuring plan. The bank has said it intends to retain a “focused equity capital markets business”, but in practice this means a significant retrenchment, with a strict focus on supporting Deutsche’s core clients in Europe and the US.

    • 08 Jul 2019
  • Prime US Reit builds $614m Singapore IPO

    Prime US real estate investment trust is on the road for a potential S$834.5m ($613.8m) listing on the Singapore Exchange, with over half of the units already taken up by cornerstone investors.

    • 08 Jul 2019
  • Shanghai Henlius Biotech refiles $500m IPO application

    Shanghai Henlius Biotech has resubmitted its application to list on the Hong Kong Stock Exchange with an IPO worth around $500m.

    • 08 Jul 2019
  • China policy round-up: MoF, CSRC give SFC access to mainland firms’ audit papers, Chinese premier promises to scrap foreign ownership ahead of schedule, FTZs to enjoy greater policy-setting freedom

    In this round-up, Chinese securities regulators allow their Hong Kong counterpart to access audit papers of Hong Kong-listed mainland companies, Chinese premier Li Keqiang vowed to lift the 51% foreign ownership cap on Chinese financial firms sooner than planned, and free-trade zones (FTZs) receive more autonomy in trying out new policies.

    • 05 Jul 2019
  • CIMC prices HK$1.7bn float at bottom

    China’s CIMC Vehicles, a trailer maker, has priced its float of 265m shares on the Hong Kong Stock Exchange at the bottom of the range, raising HK$1.69bn ($217.1m).

    • 05 Jul 2019
  • CIMC prices HK$1.7bn float at bottom

    China’s CIMC Vehicles, a trailer maker, has priced its float of 265m shares on the Hong Kong Stock Exchange at the bottom of the range, raising HK$1.69bn ($217.1m).

    • 05 Jul 2019
  • Growth IPOs boost 2019 returns but political risks persist

    The EMEA IPO market has performed solidly in the first half of 2019, with high growth propositions in particular outperforming. Nevertheless, with disparate year-to-date returns between offerings and geopolitical tensions likely to surface in the autumn, sellers will act with heightened caution when the market reopens in September, writes Sam Kerr.

    • 04 Jul 2019
  • ReAssure looks to long-onlies to cover £793m IPO

    After disappointing trading in Airtel Africa, Traton and Global Fashion, there is hope that ReAssure, the UK life insurer, will fare better when it prices its £793m IPO on the London Stock Exchange on July 11.

    • 04 Jul 2019
  • AB InBev Asia unit brews up record breaking $9.8bn IPO

    Budweiser Brewing Company Apac cracked open its up to HK$76.4bn ($9.8bn) Hong Kong IPO this week, set to be the city’s largest listing in nearly a decade and the world’s biggest so far this year, with early investor orders coming in thick and fast. Jonathan Breen reports.

    • 04 Jul 2019
  • Rising Star: Shanghai tech board gets off to hectic start amid retail frenzy

    The first four companies to complete IPOs on the new technology board in Shanghai were flooded with phenomenal retail demand of as much as 2,500 times, despite the issuers’ lofty valuations. But an imminent increase in supply could calm the frenzy, writes Rebecca Feng.

    • 04 Jul 2019
  • Hong Kong ECM bankers mull second half outlook

    Hong Kong’s IPO market endured a difficult first half to the year, with trade war tensions and widespread protests fuelling a wave of stock market volatility. But there is plenty of business to get through before the end of 2019. Gina Lee reports.

    • 04 Jul 2019
  • China’s Feihe sets the stage for Hong Kong listing

    The Hong Kong Stock Exchange is sifting through three IPO applications submitted by Chinese companies in three different sectors this week.

    • 04 Jul 2019
  • Edvantage opens books for HK offering

    China’s Edvantage Group opened books for a HK$805m ($103m) float on the Hong Kong Stock Exchange (HKEX) on Wednesday.

    • 03 Jul 2019
  • GFG joins Traton and Airtel in trading down

    Global Fashion Group, the emerging markets-focused online fashion retailer, has begun trading on the Frankfurt stock exchange, but below its IPO price

    • 02 Jul 2019
  • Indian regulator approves dual-class share listings

    India’s securities watchdog has approved the issuance of shares that carry weighted-voting rights, allowing for a company’s shareholders to have different voting powers.

    • 02 Jul 2019
  • Budweiser Brewing launches $9.8bn Hong Kong IPO

    Budweiser Brewing Company Apac has kicked off the roadshow for its up to HK$76.4bn ($9.8bn) Hong Kong listing, on track to be the city’s largest IPO in nearly a decade and the world’s biggest flotation so far this year.

    • 02 Jul 2019
  • Edvantage to launch $100m listing on Wednesday

    Chinese private higher education provider Edvantge is planning to raise up to $100m from a listing on the Hong Kong Stock Exchange, with bookbuilding set to open on Wednesday.

    • 02 Jul 2019
  • Investindustrial mulls reinvesting in Aston Martin after share price slump

    The largest shareholder in Aston Martin, the UK luxury car maker, is considering buying another 3% of the company after its share price almost halved since its IPO on the London Stock Exchange in October last year.

    • 01 Jul 2019

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 226,068.21 1015 8.26%
2 Citi 210,504.43 878 7.69%
3 Bank of America Merrill Lynch 176,175.94 733 6.44%
4 Barclays 163,623.10 669 5.98%
5 HSBC 135,677.56 737 4.96%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 27,431.07 110 7.88%
2 Credit Agricole CIB 25,676.63 105 7.38%
3 JPMorgan 21,834.93 53 6.28%
4 Bank of America Merrill Lynch 21,382.31 54 6.15%
5 SG Corporate & Investment Banking 16,639.52 78 4.78%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 7,483.87 37 9.66%
2 JPMorgan 7,363.27 46 9.51%
3 Goldman Sachs 6,842.44 35 8.84%
4 Citi 5,763.97 41 7.44%
5 UBS 4,691.07 23 6.06%