Victoria Thiele

Senior Reporter - CLOs

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Leader

Let the retail ones in; CLO ETFs are no horror movie

Rejecting CLO ETFs out of concern for retail investors is hypocritical

Victoria Thiele, April 25, 2024
CLOs Europe

Europeans hungry for CLO ETFs after US boom

Lawyers and managers are working to overcome hurdles in Europe as US ETFs start anchoring primary deals

Victoria Thiele, April 25, 2024
CLOs Europe

LMA sets ‘challenging’ guidelines to boost levloan efficiency

CLO managers welcome attempt to limit primary settlement period to 10 days

Victoria Thiele, April 25, 2024
CLOs Europe

HPS breaks through triple-A spread barrier with euro CLO

Volatility in the Middle East has limited impact on mezz as Aqueduct gets the tightest print of the year

Victoria Thiele, April 25, 2024
CLOs US

Resets dominate US CLO pipe as Oak Hill prices

As the spread discount for refis narrows, managers are likely to head straight for the reset

Victoria Thiele, April 24, 2024
CLOs Europe

Rothschild reset shows IG demand and mezz softness

The manager increased the deal size as triple-A spreads show resilience, but mezz widens amid volatility

Victoria Thiele, April 23, 2024

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Top European CLO stories

Leader

Arini debut shows promise not pain for euro CLO market

New managers emerging, even if they pay up for inaugural transactions, show there is a price for every asset

Victoria Thiele, November 16, 2023
CLOs

Tiers for fears: euro CLO pricing evolves as new managers pay up

Market welcomes investors supporting a variety of issuers if the price is right

Victoria Thiele, November 16, 2023
CLOs

Blackstone plans frequent static CLO issuance after tight euro debut

Manager hopes to eventually develop a European market for shorter reinvesting CLOs

Victoria Thiele, November 14, 2023
CLOs

Euro CLO managers struggle to raise more captive equity

Balance tilts further towards big shops as managers may have to invest in their own risk retention funds

Victoria Thiele, November 09, 2023
CLOs

Blackstone hails 'increased acceptance' of CLOs as investor base grows

'When a key investor steps away, you can still syndicate the deal', Blackstone Credit's Alex Leonard tells GlobalCapital

Victoria Thiele, October 30, 2023
CLOs

Asset managers sniff out potential for European CLO ETFs

US success and a need for investors could encourage managers to tackle regulatory hurdles

Victoria Thiele, October 27, 2023
CLOs

Japanese investor to give up resistance to uptier priming in euro CLO

While sources suggest Nochu is beginning to accept uptier priming in deals under preparation, language is evolving

Victoria Thiele, October 19, 2023
People and Markets

‘Most people tell you it’s crazy to do a CLO in August’

Ronnie Jaber, co-head of Onex Credit, in an interview with GlobalCapital

Victoria Thiele, August 30, 2023
CLOs

Bridgepoint Credit ready to ramp up after CLO return

Syndicated debt head John Murphy predicts leveraged loan pick-up this quarter, warns against predicting default rates

Victoria Thiele, August 14, 2023
CLOs

Asian anchor taking Harvest triple-As sparks hopes of return for ‘CLO whale’

Return of Japanese buyers to European CLOs could be catalyst for upturn in levfin’s fortunes

Victoria Thiele, July 27, 2023

Stories from my old life as an equities reporter

Equity IPOs

Europe ‘can’t afford’ to lose gamble on Lottomatica

Bankers hope the Italian IPO is cheap enough to pop despite debt and ESG concerns

Victoria Thiele, April 20, 2023
Equity IPOs

Debt and valuation will make or break Lottomatica’s IPO, sources say

The Italian gambling company plans to reopen Europe’s IPO market with a €600m flotation

Victoria Thiele, April 13, 2023
Equity IPOs

IPOs will get riskier as investors lose pre-deal patience, say dealmakers

Market participants expect derisking deals to get harder as Lottomatica prepares to reopen the market

Victoria Thiele, April 13, 2023
Leader

Brave bankers must prevent the death spiral of European IPOs

Investors want opportunities, issuers want buyers, but their needs are misaligned

Victoria Thiele, April 05, 2023
Equity IPOs

OK Mobility works with Rothschild to prepare Spanish IPO

Car rental company could aim for valuation of up to €1.4bn

Victoria Thiele, March 22, 2023
GC View

Europe ECM on the ropes as Credit Suisse deals latest blow

Losing a bulge bracket bank increases the struggling market's urgency for a coherent vision

Victoria Thiele, March 21, 2023
Equity IPOs

Soaring IPOs in choppy market show Middle East demand is back

Adnoc Gas and Abraj Energy surge in early trading as global equities plummet

Victoria Thiele, March 17, 2023
GC View

Stop bashing London for losing Arm, start answering the difficult questions

The UK market is no lost cause, but it must stop procrastinating and get a grip on its investor problem

Victoria Thiele, March 15, 2023
Leader

Let them buy IPOs — but don’t let them burn

Retail investors will provide European ECM deals with much needed liquidity, but unsophisticated investors need protection

Victoria Thiele, February 16, 2023
Equity

Retail investors set out to infiltrate ECM deals

A growing number of competitors are jostling to bring retail investors into IPOs and capital increases, but some bankers and big funds are pushing back

Victoria Thiele, February 16, 2023
Equity IPOs

European IPO market fails first test but EuroGroup brings hope

Ionos's plunging share price 'horrible' for the market but others may still follow if EuroGroup performs well

Victoria Thiele, February 09, 2023
ABBs-Block Trades

ECM mystery: as primary debt runs hot, equity markets stay cool

Forecasts of a busy January for EMEA blocks and convertibles were wrong as sellers let the window pass by, despite benign markets

Victoria Thiele, January 26, 2023
GC View

Investors no longer have IPO issuers' corner and that's okay

A European IPO market without cornerstones is less secure for issuers but better overall

Victoria Thiele, January 25, 2023
Equity

Primary Portal sets out to shake up ECM

GlobalCapital spoke to founder John Bentinck, former Goldman head of syndicate, who raised £5.3m to digitise equities deals

Victoria Thiele, December 23, 2022
Equity IPOs

Redemption beckons after ‘worst IPO market any of us has seen’

A strong post-pandemic recovery in 2021 meant that predictions for the equity IPO market in 2022 were hopeful. But the Ukraine war, inflation and economic downturn blew away all that optimism. Victoria Thiele reports on how the IPO market has responded and what to expect next. Accompanying data is from a survey of equity market participants undertaken in October and early November.

Victoria Thiele, December 12, 2022
Leader

900 Spacs and a funeral

Spacs are not dead; they're resting

Victoria Thiele, December 08, 2022
Equity IPOs

European ECM competitiveness is at risk, but the fight over IPOs could ease

EU stock exchanges urgently need unity for the sake of the economy, conference hears, but macro crises could bring relief for competitors

Victoria Thiele, December 01, 2022
Equity IPOs

Americana’s success could kick off dual listing wave in Middle East

Dual listings by international companies could be the next step in the development of the IPO market in the Gulf as investors show appetite for diversity

Victoria Thiele, November 24, 2022
Equity IPOs

Ithaca IPO plummets as some blame analyst, others windfall tax

Some suggest a single comment paper sent the first significant UK IPO for a year on a downward spiral — but it may just have been politics

Victoria Thiele, November 17, 2022
GC View

When profits dry, tears flow

For shareholders and companies, getting along is much easier in a bull market

Victoria Thiele, November 09, 2022
Equity

Opportunists will keep ECM alive this winter

Icy headwinds continue to suppress ECM deals, but a few sellers are braving the freeze

Victoria Thiele, November 03, 2022
Leader

Diversify or die

Economic stress is bad for equality. If investors don’t fight back, that is terrible for everyone

Victoria Thiele, October 21, 2022
Equity People and Markets

Fees squeeze feared in ECM as banks fight over scraps

Growing competition over smaller deals and bigger syndicates add pressure on fees

Victoria Thiele, October 13, 2022
GC View

The UK property sector was the last hope, but they demolished that too

Bond yield surges after the mini budget killed off the last reliable source of ECM deals

Victoria Thiele, October 12, 2022
People and Markets

Give us back our bonus cap

Scrapping the cap will not help attract talent, say City bankers, who also fear ending up with less overall pay

Victoria Thiele, September 29, 2022
Leader

How to drive people to storm your palace with a good idea

Kwasi Kwarteng's plan to scrap the banker bonus cap is a good idea but his timing is awful

Victoria Thiele, September 22, 2022
Follow-ons and Rights issues

Italian election could ‘wobble’ markets and trouble Monte dei Paschi

Market participants are concerned about MPS's planned €2.5bn rights issue

Victoria Thiele, September 20, 2022
Equity IPOs

Edi Truell's Spac to buy Saxo Bank in tough climate for blank cheque companies

Dealmaking veteran says people "you know and love" were a key factor for the decision

Victoria Thiele, September 15, 2022
Follow-ons and Rights issues

'Winter from hell' could bring blizzard of rescue rights issues

Contract manufacturers, property companies and the German chemicals industry could be first to fall

Victoria Thiele, August 25, 2022
GC View

Sorry EMEA, it’s time to break up

The rocket launch of the Middle Eastern IPO market calls into questions the validity of the EMEA region concept

Victoria Thiele, August 23, 2022
Leader

Regulators must not beat up investors in fight for listings

In a mad rush to attract growth companies to list in their countries, regulators must not forget to protect investors

Victoria Thiele, August 18, 2022
Equity IPOs

New York still king as listing reforms fall short

Stock exchanges across the globe are racing to reform listing regimes as competition stiffens to attract IPOs

John Crabb, August 18, 2022
Follow-ons and Rights issues

Germans call for capital increase reforms as discount cap wipes out market

A maximum discount of 5% for capital increases without pre-emption rights puts Germany at a 'massive disadvantage', say market participants

Victoria Thiele, July 28, 2022
Leader

England beats Germany in rights issue reform race

The UK's head start on capital increase reforms could inspire Germany to rethink old rules

Victoria Thiele, July 28, 2022
Equity IPOs

SEC’s Spac proposals kill EMEA market

While economic factors and difficult market conditions have played a part in the decline of Spac listings, the reach of the regulator’s latest rules has gone way beyond the US in hammering the sector

John Crabb, July 28, 2022
GC View

To open the door for growth companies, don't throw governance out the window

UK government plans to remove prospectus obligations for capital increases cause raised eyebrows

Victoria Thiele, July 26, 2022
Equity IPOs

Public market exodus shows IPOs no longer a 'status symbol'

Public-to-private deal surge goes deeper than cyclical trends

Victoria Thiele, July 21, 2022
GC View

The weird trick underwriters don't want you to know about

Saipem's rights issue collapsed. The company will be fine. The banks will pick up the pieces, which is what they signed up for

Victoria Thiele, July 19, 2022
Equity

Chinese companies prepare for GDR boom in Europe

Chinese manufacturers are contemplating listing in Switzerland as the Shanghai-London Stock Connect scheme has been extended

Victoria Thiele, July 14, 2022
Follow-ons and Rights issues

Saipem underwriters left long with €592m as rights auction falls short

Issuer opts against using failsafe mechanism introduced by regulators because of its last failed rights issue

Victoria Thiele, July 14, 2022
Equity IPOs

China’s ‘perfect storm’ to blow into European IPO market

Market participants ‘don’t talk enough’ about risks of China’s slowing growth

Victoria Thiele, May 12, 2022
Equity IPOs

Stop crying, start buying: European IPOs show above-average performance

Performance of this year’s new listings sends encouraging signs for market reopening

Victoria Thiele, May 03, 2022
GC View

Improved blocks market a rare sign of strength in battered ECM

Discounts are getting smaller and performance is rising in accelerated block trades in EMEA

Victoria Thiele, April 26, 2022
Equity IPOs

Plenitude puts Italian IPOs back in the spotlight

Issuers and investors discover their appetite for deals in southern Europe

Victoria Thiele, April 28, 2022
Equity IPOs

Only the brave — select companies scout out frozen IPO market

Galderma and ABB e-mobility could unlock European IPOs

Aidan Gregory, April 21, 2022
Equity-Linked

$A skull with titanium plates of Medartis, a Swiss producer of metal implants for the surgical management of fractures, is seen during a news conference to present the planned IPO, in Zurich, Switzerland March 12, 2018. REUTERS/Moritz Hager$

Medartis cancels convertible bond despite sweetening terms

'Aggressive' pricing fails to attract investors

Victoria Thiele, April 08, 2022
Equity People and Markets

ECM layoff fears grow after dismal quarter

Middle East deals fail to make up for barren quarter in Europe

Aidan Gregory, April 07, 2022
Follow-ons and Rights issues

Renewable chemicals co Avantium launches ‘innovative’ capital raise

Unsatisfied with overnight blocks, Avantium experiments with a three-part offering

Victoria Thiele, April 06, 2022
GC View

Middle East will have to slim down IPO process, but not yet

A bookbuilding process up to three times as long as in Europe seems cumbersome, but will help build long-term strength of region's capital markets

Victoria Thiele, March 29, 2022
ABBs-Block Trades

Banks back in vogue as ‘right thing to sell’ in ECM

Rising rates, sinking volatility and a successful block in Iceland spark hopes for privatisations

Victoria Thiele, March 24, 2022
GC View

The spectactular rise, fall and maturity of the Spac

Having survived massive hype and a brutal reassessment, blank cheque companies are finding their purpose

Victoria Thiele, March 22, 2022
Equity-Linked

Distressed debt buyers 'lick lips' at convertibles of delisted Russians

VK, Yandex and Ozon face bankruptcy if bondholders exercise put options triggered by suspension of shares

Victoria Thiele, March 17, 2022
Equity

Evraz board exodus alarms market as oligarch sanctions ripple out

Sanctions on Abramovich lead to share suspension, then board exit

Victoria Thiele, March 11, 2022
Equity IPOs

Middle Eastern IPOs thrive as war, inflation knock out European market

Global equity investors are getting a taste for the Gulf region, attracted by a busy pipeline, strong trading performances and high hydrocarbon prices. Being well away from Ukraine also helps.

Victoria Thiele, February 24, 2022
Leader

The Middle East is an IPO oasis in a desert of dried up deals

Immune to inflation and profiting from tensions between Russia and the West, the Gulf states offer investors refuge from the despair sweeping European IPO markets.

Victoria Thiele, February 17, 2022
Equity IPOs

IPO winners offer blueprint for navigating volatile market

The two largest European IPOs of the year so far began trading this week, following a string of pulled deals. They offer a guide to what deals work in a tricky market

Victoria Thiele, February 17, 2022
Equity

ECM's reaction to rising rates looks ridiculous, but may be reasonable

Subtle shifts of monetary policy don't justify the mass cancellation of initial public offerings, raising the question: Why all the pulled deals?

Victoria Thiele, February 08, 2022
Equity IPOs

IPO market stalls in Europe after faltering start

Despite record volumes in 2021, it has been the worst start to a year in the European IPO market since 2016 — even a deal from a favoured sector has been pulled. Market participants agree one thing is needed to fix it: certainty about the path of interest rates

Victoria Thiele, February 03, 2022
Equity IPOs

European IPOs 'off the table' after Cheplapharm cancels float

Investors preferring to look after existing portfolios rather than risk another loss on another IPO

Victoria Thiele, January 31, 2022
Equity

Investors making last ditch grasp for oil risk sticky fingers

Investors are still happy to buy fossil stocks if yields are right, but should be wary of risky capex plans

Victoria Thiele, January 27, 2022
Equity IPOs

Grumpy IPO investors demand big deals, but small cap funds are smiling

Mid-sized companies could struggle in 2022's IPO market

Victoria Thiele, January 20, 2022
Leader

This could be oil and gas's last hurrah in capital markets

The green energy transition has caused a secular shift in what investors are prepared to fund. The oil and gas industries will, over time, find funding for their dirty activities harder to come by. But for now they have a golden chance — perhaps their last — to use the capital markets

Victoria Thiele, January 20, 2022
GC View

Passive aggression: active funds could soon show their worth

If money managers stopped investing actively, that would be the end of IPOs. Fortunately, there's bad news.

Victoria Thiele, January 11, 2022
Equity IPOs

First longevity firm to list in Europe bets on 'major exit'

It could take years to develop a gene therapy to slow aging, but much less for big pharma to scoop up Genflow Biosciences

Victoria Thiele, January 10, 2022
Equity

Hedge funds to play ‘major role’ in ECM despite sour performance of 2021

Actively managed portfolios failed to outperform indices last year but a lack of alternatives will keep them focused on equities

Victoria Thiele, January 06, 2022
Equity IPOs

IPO performance in EMEA provides a meh-rry Christmas for investors

IPO performance may not have matched that of 2020 but it was still up. A large number of Spacs masked how much new US stocks outperformed their EMEA cousins in early trading but in the long run, the old continent provided better IPO peformance

Victoria Thiele, December 24, 2021
Equity

Number of European listed companies grows for first time in decade

The total number of company listings in Europe has increased for the first time this year after a decade of decline but there are a number of factors menacing the renaissance of public ownership

Victoria Thiele, December 16, 2021
Equity IPOs

European IPO overhaul sparks debate over how to improve market

Regulators across Europe are overhauling IPO processes to lure more listings, spotlighting procedures developed to allow more issuance during the pandemic

Victoria Thiele, December 09, 2021
GC View

Elliott hurls 'conglomerate' slur at SSE, but its critique is equally messy

The activist hedge fund may be right to take on governance issues, but should stick to the point

Victoria Thiele, December 07, 2021
Equity

Rise of retail helps Russia ECM bust sanctions in booming market

A sharp increase in retail investing is offering the country's equity capital markets a chance to keep up this year's blistering IPO pace in 2022

Victoria Thiele, December 02, 2021
Leader

Numb to news, equity investors go back to basics

Investors may not be fighting the Fed but they are once more focused on fundamentals

Victoria Thiele, December 02, 2021
GC View

Forget Brexit, the real rift in European ECM is between North and South

Europe needs to start thinking about the deeper structural issues afflicting its initial public offering markets

Victoria Thiele, October 26, 2021
Equity IPOs

Babbel cancels IPO as business model fails to woo investors

German language learning app becomes the first casualty of a tough IPO market this autumn

Victoria Thiele, September 22, 2021