18 May 2012
KSPG, the automotive parts manufacturer being sold by defence group Rheinmetall, put its €300m-€500m IPO on hold on Thursday after a turbulent week with talk of bank runs and euro exits that left investors in no mood to value new issues.
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18 May 2012
Georgian Railway started taking orders for a $200m-$250m London IPO on Wednesday after four weeks of investor education produced a price range that, while in line with initial expectations, the bookrunners think should work amid treacherous market conditions.
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18 May 2012
Some investors are finding it difficult to value a planned Hong Kong listing from Graff Diamonds, a retailer which started pre-marketing a $1bn IPO last week. The companyÕs banks are being forced to spend a lot of time explaining to investors the best way to value the deal.
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18 May 2012
Southeast Asia ECM bankers are paying close attention to pending IPOs from Felda Global Ventures, Formula One and Integrated Healthcare Holdings, deals that are expected to raise as much as $8bn between them. But some origination bankers are starting to worry that the pipeline beyond these deals is not strong enough — and fear there will not be many more deals in the region this year.
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18 May 2012
Scor, the French reinsurer, put in place a €75m increase to a contingent capital product on Wednesday, nearly a year after the equity line triggered its first capital raise through an accelerated bookbuild. It has since tweaked the structure to make it less likely to trigger again.
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18 May 2012
Europe’s light-touch regulation stock exchange movement received another blow this week with the UK’s Plus Markets potentially starting a wind-down process. The news followed the closure, announced earlier this year, of a similar exchange in Germany, Deutsche Boerse’s First Quotation Board.
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18 May 2012
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CNMC extends IPO marketing, hopes for key orders
23 May 2012
China Nonferrous Mining Corp International has extended the roadshow of its Hong Kong IPO, giving investors more time to consider the offering after weak demand so far.
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Gas Malaysia covers books for IPO
23 May 2012
Gas Malaysia has already received enough demand to cover its MR734.5m ($235.2m) IPO after two days of bookbuilding, getting a strong bid from domestic accounts amid expectations that it will offer a chunky dividend yield.
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Asian ECM Watchbox: Graff, Chinalco
23 May 2012
Several companies started pre-marketing or bookbuilding planned IPOs this week, including Graff Diamonds and Chinalco Mining Corp in Hong Kong and Gas Malaysia in its local market. Read on for a full list of pending deals.
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EFG offers claw-back in treasury sale
22 May 2012
EFG International, the Swiss private bank, has agreed to sell its treasury share holding — 7% of its share capital — to its largest shareholder in a Sfr75.6m deal to which all shareholders will have claw-back rights.
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Morgan Stanley wins LSE mandate
22 May 2012
Italy’s two biggest banks moved to sell their holdings of London Stock Exchanges shares on Tuesday after the stock closed up 2.2% on Tuesday, partially rebounding after slipping from a three year high at the end of April.
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Chinalco pitches $1bn IPO to spin-off Peru mine
22 May 2012
Chinalco Mining Corp International started pre-marketing a $1bn Hong Kong IPO on Monday, after getting approval from the Hong Kong stock exchange last week. The deal will spin-off the Peruvian copper mine of the state-owned Aluminium Corp of China, but the company also wants to use the vehicle to acquire more overseas assets.
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Ascendas nears decision on IPO timing
22 May 2012
Ascendas Hospitality Trust is considering launching a S$650m-S$750m IPO on Thursday after two weeks of pre-marketing. But bankers away from the deal have concerns about demand for the offering, and a definite timetable will not be set until Wednesday.
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Evonik gets go-ahead, for now
21 May 2012
German ECM bankers were last week reluctant to write off the chances of speciality chemicals firm Evonik in the IPO market even as other deals fell away.
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TransCap offers 35% discount in SA listing
21 May 2012
Transaction Capital, the South African non-bank lender, opened books for a R600m-R920m ($73m-$110m) Johannesburg IPO on Monday after completing 10 days of investor education in which its key peers traded strongly. The deal though is too small for most European funds and although the analyst came to London, and a day of management meetings are planned, the vast majority of the shares will likely be taken by South African funds.
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Barclays launches $6bn BlackRock sale to beat Basel
21 May 2012
Barclays on Monday launched a $6bn sale of its entire 19.6% stake in asset manager BlackRock, in advance of the implementation of punitive capital charges under Basel III.
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Graff aims for lower valuation after equity turmoil
21 May 2012
Graff Diamonds opened the books to its $1bn Hong Kong IPO on Monday morning, after shooting for a lower valuation than many bankers had expected.
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Light-touch takes beating in UK, Germany
17 May 2012
Europe’s light-touch regulation stock exchange movement received another blow this week with the UK’s Plus Markets potentially starting a wind-down process. The news followed the closure, announced earlier this year, of a similar exchange in Germany, Deutsche Boerse’s First Quotation Board.
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CS reshuffles ECM
17 May 2012
Credit Suisse shuffled its global equity capital markets structure this week, ending its practice of splitting the origination and syndicate functions.
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KSPG presses pause
17 May 2012
KSPG, the automotive parts manufacturer being sold by defence group Rheinmetall, put its €300m-€500m IPO on hold on Thursday during a turbulent week with talk of bank runs and euro exits and that has also seen its key peers sell off by 10% or more.
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Scor tops up Coco line with UBS
17 May 2012
Scor, the French reinsurer, put in place a €75m increase to a contingent capital product on Wednesday, nearly a year after the equity line triggered its first capital raise through an accelerated bookbuild. It has since tweaked the structure to make it less likely to trigger again.
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Southeast Asian ECM bankers fear post-jumbo pipeline
17 May 2012
Southeast Asia ECM bankers are paying close attention to pending IPOs from Felda Global Ventures, Formula One and Integrated Healthcare Holdings, deals that are expected to raise as much as $8bn between them. But some origination bankers are starting to worry that the pipeline beyond these deals is not strong enough — and fear there will not be many more deals in the region this year.
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CNMC cuts price estimate, launches HK IPO
17 May 2012
China Nonferrous Mining Corp launched a Hong Kong IPO that will be worth as much as HK$2.44bn ($314m) on Tuesday, deciding to go for a smaller deal than the $500m the company originally wanted.