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Streamlining of IPO process just two months after consultation closed as the market prepares for post-summer IPO activity
Sale comes after the expiry last month of a pre-emptive acquisition rights agreement between the main family holding companies
Placing and open offer follows recent acquisition of US annuity provider
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Europe’s equity capital markets bankers are preparing for a busy autumn of IPOs and have been meeting with investors to secure early support for these deals. Bankers are hoping the new deals retain some of the features of successful listings in the first half of the year. -
SoftBank’s repackaged €900m Argentum bonds exchangeable into Wirecard shares are to be liquidated immediately after the German payments company filed for insolvency in June, having disclosed €1.9bn of cash was missing from its balance sheet. This will offer investors a way out or a seat at the table for the looming bankruptcy proceedings.
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Bank of America hopes that a new management team built on a culture of intensity will enable it to meet its top three goal in Europe, the Middle East and Africa, writes David Rothnie.
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ADO Properties, the commercial and residential property developer in Germany, launched a €450m capital raising on Thursday, to pay off the debts of its peer, Consus, in which it will take a controlling stake.
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Hong Kong’s IPO market had one of its busiest periods in years this week, with more than 10 live deals vying for investor attention. But bankers in the city are concerned by the ECM market’s dislocation with the social, political and economic backdrop. Jonathan Breen reports.
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Exchangeable bonds are emerging as a key coronavirus tool for corporates — one they can use to monetise stakes in companies they own without having to concede large discounts by selling shares.
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