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◆ The threat of US corporate issuance to European borrowers ◆ The new funding environment for Middle East banks ◆ Reviving UK equity capital markets
Holdings down 16.4% from almost a quarter after institutional bookbuild and off-market buyback deal
Deal multiple times oversubscribed as investors buy into electrification and AI story
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China Resources Pharmaceutical Group and Union Medical Healthcare (UMH) are planning to bring IPOs to Hong Kong this year and potentially raise a combined $1.15bn. -
Property development firm Frasers Centrepoint is toying with the idea of floating a real estate investment trust (Reit), backed by its Australian industrial assets, on Singapore’s main board.
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Equity capital market participants this week hailed the successful IPO of Clydesdale and Yorkshire Bank Group, and its strong first two days of trading. If other listings also deliver in the aftermarket, bankers think it could spark a surge of new deals, regardless of volatility, writes Olivier Holmey.
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The exceptionally advantageous terms issuers can get in the convertible market — and the product’s appeal to the bluest of blue chip names — were highlighted again on Thursday when LVMH Moët Hennessy Louis Vuitton, the French luxury goods group, raised $600m at a deeply negative yield.
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The pent-up demand from equity owners to sell down blocks of shares was evident again on Thursday evening, as two deals were launched, after the Euro Stoxx 50 had managed to rise 0.3% on the day.
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Credit and equity markets suffered a crisis of confidence this week, with several previously crowded trades rapidly unraveling in the face of rising concerns about European banks, US Federal Reserve policy and a perceived lack of European Central Bank firepower to revitalise the continent’s stagnant economy.
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