Morgan Stanley
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Covestro, the polymers division of Bayer, began bookbuilding on Monday for its early October initial public offering, which is intended to raise €2.5bn, entirely from the issue of new shares. -
Interoute Communications, Europe’s largest operator of cloud services, began offering €590m of bonds on Monday to fund its recent takeover of peer Easynet from the UK’s MDNX Group.
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Worldpay, the UK payment processing group, expressed its intention to float last Friday, bolstering hopes among equity capital market specialists that it would bring one of the largest IPOs in London this year, despite recent reports of takeover bids.
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Immofinanz, the Austrian property company, conducted a €150m accelerated bookbuild on Tuesday evening in shares of its affiliate Buwog, a residential property developer. It was the culmination of a complex and carefully designed process to redeem a €375m exchangeable bond. The sale was priced at the market closing price, without a discount.
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The euro market is set to outshine dollars in the coming weeks, a pair of issuers showed this week as they demonstrated the depth available at the long end of the curve.
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A subdued north Asia equity capital market, which has barely seen any activity since August, suddenly burst into life on September 16. American car rental company Hertz reduced its stake in China Auto Rental (CAR) while Taiwan’s TWi Pharmaceuticals sold GDRs on the same day to raise a combined $187m.
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The absence of sizeable IPOs on the Hong Kong Stock Exchange for nearly two months is about to come to an end, with lingerie manufacturer Regina Miracle set to launch its $200m deal next week.
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Everything fell into place for Glencore’s $2.5bn capital raising on Tuesday evening, as the company managed to raise its target sum with an accelerated bookbuild as a 9.99% share of its equity, just below the trigger for a rights issue.
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The European Stability Mechanism has brought its funding total for the fortnight to €9bn with a curve-building 10 year print.
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A supranational borrower looks set to bring an Islamic flavour to this week’s market, after announcing the mandate for its second sukuk.
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When Glencore announced plans to raise $2.5bn of equity, all options were open, but one always looked the most likely: an overnight accelerated bookbuild.
