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A clear view
The wide funding windows of years past were shattered in 2022 by economic uncertainties and political upheaval. For finding a way through the treacherous environment, Goldman Sachs is IFR’s Americas Structured Equity House of the Year.
Return visit
Wolfspeed powered into the equity-linked market in November with an upsized US$1.75bn seven-year convertible bond, its second in 2022 and the second-largest US CB of the year.
Open all hours
The year began with optimism but next to no issuance. In the second half BNP Paribas executed transactions of varying structures at a moment's notice and outpaced its rivals to be IFR’s EMEA Structured Equity House of the Year.
Sell, buy, sell, buy
When South African investment company Naspers spun out its internet assets as Amsterdam-listed Prosus their stocks traded at discounts to NAV of 36.8% and 16%, respectively. In the first half of 2022 the discounts widened dramatically to 64.4% and 54.1%, and “something drastic” needed to be done, as one of those involved put it.
Rebooting the market
A well-timed US$675m convertible bond from Chinese computer maker Lenovo Group injected life into Asia’s lacklustre equity-linked market, showing well-structured deals from high-quality issuers could still draw investors’ interest.
The Middle East was one of the few bright spots globally in equity capital markets in 2022, with IPOs regularly flooded with billions of dollars of demand. Bankers believe that not only is issuance sustainable, but the diversity of sectors, types of deals and even geographic location of companies tapping the market will expand, ensuring the region is a significant part of future ECM activity.
The UK’s LDI crisis was one of the most shocking events in the financial markets in 2022. What went wrong and what happens now?
So-called perfect storms are becoming more frequent in the financial world. The UK will need to tread carefully to avoid being caught in another one.
Buffeted by Covid-19 and caught in the crosshairs of Sino-US tensions and an authoritarian Chinese regime, Hong Kong’s ability to adapt is under sharp focus as it seeks to remain relevant as a global financial centre.
As Japan makes the crucial move to net-zero carbon emissions and other environmental targets, it is relying on transition finance as the mechanism to get there.
