Victoria Thiele

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

GlobalCapital IPOs the hard sell 001.jpg

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

Hand holding a car key and opening the car door lock

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

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Boxer punches his opponent during boxing competition

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

Skyline of modern buildings along Corniche waterfront in Abu Dhabi United Arab Emirates

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

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A close up shot of the head of a festive pinata.

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

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GlobalCapital ECM Retail investors 002.jpg

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

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Broken pillar sections in the open air museum at the Temple of Edfu Egypt

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

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A young couple man and woman having an argument standing back to back not speaking to each other; sulking, not talking

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

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Cross as grave marker on penitentiary cemetery. Nebraska State Penitentiary, Lincoln, Nebraska, USA.. Image shot 2007. Exact date unknown.

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

Great Black-backed Gull (Larus marinus) fighting over fish scraps

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

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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

Deeply disappointed and shocked african-american male in suit making facepalm

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

Piacenza, Italy, May 31, 2022. Giorgia Meloni, leader of Fratelli d'Italia party, speaks during the rally for the mayoral elections of Piacenza,

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

The Saxo Bank building at Tuborg Harbour, Hellerup in Copenhagen, Denmark. Surrounding buildings reflecting in the glass facade.

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

Traffic caught in blizzard conditions on the A436 near Andoversford Gloucestershire 18 Dec 2010

'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

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Divorce, separation: man removing wedding or engagement ring

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

The Statue of Liberty, New York City, New York, USA

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

straight jacket street entertainer mad looney mental health handcuff tied up chain lock locked key strap escapologist escape jai

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

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Soccer Football - Women's Euro 2022 - Quarter Final - England v Spain - The American Express Community Stadium, Brighton, Britain - July 20, 2022 England's Leah Williamson and Lucy Bronze celebrate their first goal scored by England's Ella Toone REUTERS/B

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

Hester Peirce testifies to the Senate Banking, Housing and Urban Affairs Committee on his nomination to be a member of the Securities and Exchange Commission on Capitol Hill in Washington, U.S., October 24, 2017. REUTERS/Joshua Roberts

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

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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

High Angle View Of Broken Trophy On Table

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

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Man saw branch he sit on risk fall down lose everything. Stupid careless male employee or worker involved in risky business project, experience failur

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

--FILE--Wind turbines manufactured by Mingyang Electric whirl to generate electricity at a wind farm on the outskirts of Xinyi city, south China's Gua

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

The Saipem 7000 on 29.12.2015 in the port of Eemshaven (Niederlande) is the second largest swimming crane in the world. | usage worldwide

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

Shanghai, China City Skyline view over the Pudong Financial District.

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

YOU CAN'T HAVE EVERYTHING, from left: Alice Faye, Don Ameche, 1937, TM & Copyright © 20th Century Fox Film Corp./courtesy

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

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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

Milan. Cityscape image of Milan, Italy with Milan Cathedral during sunrise.

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

cute chinese cowgirl while looking at the horizon with binoculars on a wild west farm

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

A woodcutter's big axe is stuck into a log in the forest, the setting sun in the background.Beautiful artistic photo of an axe.

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

Determined Arab Muslim woman doing push-ups against the background of large windows at home on a beautiful sunny day. Home workout concept

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

3d rendering of icy tunnel with light at the end of tunnel

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 to buy 50 per cent in Yuzhkuzbassugol

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

Skyline of skyscrapers at night in Marina district of Dubai United Arab Emirates

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

Blindfold businessman standing on tip of cliff

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

VALENCIA, SPAIN - SEPTEMBER 16, 2021: Ibercaja is a Spanish bank based in Zaragoza

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

Male instructor showing CPR on training doll

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

Cropped Hand With Green Slime Against Black Background

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

African Elephant, Loxodonta africana, kneeling in front of a mouse against white background

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

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Cattle skull in desert, Windhoek, Namibia, Africa

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

Turning Point Just Ahead brown road sign with blue sky and wilderness

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

Car breakers Car scrap yard Scrap Yard Zaandam, Netherlands ( Noordzeekanaal North Sea Canal ) Dutch

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

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Close up of math formulas on a blackboard

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

View of old and new skyscrapers, Moscow, Russia

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

London, United Kingdom - October 26, 2018: Screenshot of the mobile app Babbel ? Learn Portuguese from Lesson Nine GmbH.

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

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