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IFR European ECM Roundtable 2015

IFR’s Europe, Middle East and Africa ECM Roundtable was held on June 25 just as Greece had caused European debt issuance to slump. Yet this was an upbeat discussion held amid a flurry of issuance.

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IFR European ECM Roundtable 2015: Participants

Valeria Ceccarelli SIX Swiss Exchange Valeria Ceccarelli is head of origination in the issuer relations team at SIX Swiss Exchange. Before joining SIX Swiss Exchange in 2013, she worked for more than 11 years in the investment banking division at Morgan Stanley in London and Milan. She worked in all areas of corporate finance (M&A, IPOs, bond issues and financing) in different countries and different industries. Subsequently she worked for about three years as investment manager at private equity firm Ambienta SGR. Steven Halperin Barclays...

IFR European ECM Roundtable 2015: Part 1

IFR: So we should begin with a sense of where we are as we meet at the end of June. Suneel, how is the market right now? Suneel Hargunani, Citigroup: I think the word on everyone’s lips at the moment is Greece and related headlines moving the markets, but actually if you strip that back, the primary market has been pretty resilient and we are coming to the end of the pre-summer wave of IPOs with very little collateral damage. The market volatility that you read about and see in the headlines and in the index moves haven’t necessarily...

IFR European ECM Roundtable 2015: Part 2

IFR: So even though things are good now people are very aware of how quickly the market can shut, and de-risking in advance is something that remains a focus whether that’s through formal cornerstones or anchor demand coming in early. Sam, as the Asia-Pacific expert where the cornerstone is an established practice, are there dos and don’ts that should be followed over here? Kendall, UBS: If you look at why cornerstones were invented, it was to get deals through the Hong Kong Exchange with a bunch of tycoons. “Markets are not open, we want to do...

IFR European ECM Roundtable 2015: Part 3

IFR: So is there any room for the product that’s basically disappeared, the marketed follow-on? Hargunani, Citigroup: Well it hasn’t disappeared. It has disappeared from public awareness. What I mean by that is many of the deals that have been coming to market this year have been wall-crossed, so the marketing has actually been happening in private ahead of the announcement. The marketed follow-on was designed to educate institutions on the stock and also to give time for people to respond. UBS were part of a syndicate earlier this year that...