20 International Financing Review February 29 2020h6IEWEDûTHROUGHûTHATû;FOSSILûFUELûlNANCING=ûLENSû*0û
-ORGANSûACTIONSûAREûBUTûAûDROPûINûTHEûBUCKETv
ELI KASARGOD-STAUB AT MAJORITY ACTION, P15Capital markets week ahead: Coronavirus,
GFL Environmental, Trip.com
GOING VIRALû7ITHûTHEûCORONAVIRUSûSITUATIONû
WORSENINGûRAPIDLYûANDûINVESTORSûONûEDGEû
ISSUERSûAREûLIKELYûTOûREMAINûCAUTIOUSûABOUTû
BRINGINGûANYûDEALSûTOûMARKETû,ASTûWEEKûNOTûAû
SINGLEûDEALûLAUNCHEDûINûTHEû53ûBONDûMARKETû
THEûWORLDSûLARGESTûnûANûEXTREMELYûRAREû
OCCURRENCEûOUTSIDEûHOLIDAYûPERIODSûnûASûISSUERû
AFTERûISSUERûCANCELLEDûTHEIRûPLANSûTOûRAISEûFUNDSTHE MARKET TURMOIL HAS ALSO CAUGHT out
AûNUMBERûOFûISSUERSûINû%UROPEû(ONEYWELLû
HADûBEENûPLANNINGûTOûLAUNCHûAûREVERSEû
9ANKEEûBEFOREûTHEûSELL
OFFûTHEûLATESTû53û
CORPORATEûTOûVISITûTHEûEUROûBONDûMARKETûINû
SEARCHûOFûCHEAPûlNANCINGû4HEû5+û-UNICIPALû
"ONDSû!GENCYûHADûALSOûBEENûHOPINGûTOû
lNALLYûMAKEûITSûBONDûMARKETûDEBUTûAFTERûSIXû
YEARSûOFûDELAYSû)TûMAYûWELLûHAVEûTOûWAITûAû
LITTLEûBITûLONGERûBIN DAYû#ANADIANûREFUSEûCOLLECTORû'&,û
%NVIRONMENTALûISûDUEûTOûPRICEûITSû53BNû
DUALû.EWû9ORK
4ORONTOûLISTINGûONû4UESDAYûnû
IFûTHEûDEALûGOESûAHEADûnûFOURûMONTHSûAFTERûITû
WASûFORCEDûTOûPULLûITSûlRSTûATTEMPTûATûAû
LISTINGû0RIVATEûEQUITY
BACKEDû'&,ûHASû
TRIMMEDûITSûAMBITIONSûFROMû53BNûLASTû
TIMEûAROUNDûALTHOUGHûITûISûALSOûPLANNINGûAû
53MûMANDATORYûCONVERTIBLEûALONGSIDEû
THEû)0/TRIP UPû3TANDARDû#HARTEREDûFACESûAûSTERNû
TESTûASûITûSEEKSûOTHERûBANKSûTOûCOMEûABOARDû
Aû53BNûLOANûFORû#HINESEûTRAVELûAGENCYû
4RIPCOMû4HEûDEALûCOMESûAMIDûDIREû
CONDITIONSûFORûTHEûTOURISMûINDUSTRYûASûAû
RESULTûOFûTHEûGLOBALûCORONAVIRUSûOUTBREAKû
4HEûBANKûISûSEEKINGûSUB
UNDERWRITINGû
COMMITMENTSûOFû53MûEACHûFROMûAû
GROUPûOFûINTERNATIONALûANDû#HINESEû
LENDERSCLOSING DOWN SALEû)NTUûWHICHûRUNSûû
SHOPPINGûCENTRESûINûTHEû5+ûANDû3PAINûWILLûOUTLINEûITSûPLANSûFORûAûaBNûRIGHTSûISSUEûASû
PARTûOFûITSûANNUALûRESULTSûANNOUNCEMENTûONû
4HURSDAYû4HEûCASHûCALLûISûLIKELYûTOûBEûAûBIGû
ASKûFORûTHEûCOMPANYûWHICHûHASûAûMARKETû
CAPITALISATIONûOFûJUSTûaMûBUTûISû
ABSOLUTELYûVITALûTOûITSûSURVIVALûnûNOTûLEASTû
BECAUSEûAûaMûREVOLVINGûCREDITûFACILITYûISû
CONTINGENTûONûTHEûRAISEûCARDS ON THE TABLE )NDIAûISûSETûFORûITSû
BIGGESTûSTOCKûMARKETûLISTINGûINûTWO
AND
A
HALFûYEARSûWITHû3")û#ARDSûSETûTOûPRICEûITSû
2SBNû53BN û)0/ûONû4HURSDAYû4HEû
CREDITûCARDûCOMPANYûAûJOINTûVENTUREû
BETWEENû3TATEû"ANKûOFû)NDIAûANDû4HEû#ARLYLEû
'ROUPûSEEMSûTOûBEûPROVINGûIMMUNEûTOûTHEû
CORONAVIRUSûSELL
OFFûEVENûRAISINGûITSûTARGETû
FORûTHEûDEALûDURINGûTHEûWORSTûOFûLASTûWEEKSû
MARKETûTURMOILHOT PROPERTYû)NSTITUTIONALûINVESTORSûHAVEû
UNTILûTHEûENDûOFûTHEûDAYûTOûPUTûINûTHEIRûORDERSû
FORû5NITEDû(AMPSHIREûAûREAL
ESTATEû
INVESTMENTûTRUSTûFOCUSEDûONûTHEû53ûWHICHûISû
LOOKINGûTOûRAISEû53MûFROMûITSû3INGAPOREû
LISTINGû4HEûDEALûHASûTHEûBACKINGûOFû
CORNERSTONEûINVESTORSûWHICHûHAVEûSNAPPEDû
UPû53MûOFûTHEûSHARESûONûOFFERû4HEû
RETAILûOFFERûRUNSûTOûNEXTû4UESDAYûWITHû
PRICINGûEXPECTEDûONû-ARCHûVIDEO GAME "RIGHTû#ULTUREûAû#HINESEû
PRODUCERûOFûVIDEOûCONTENTûHOPESûTOûRAISEû
(+BNû53M ûFROMûITSû(ONGû+ONGû
LISTINGûONû7EDNESDAYû)TSûTHEûlRSTû)0/ûINûTHEû
TERRITORYûSINCEûTHEûCORONAVIRUSûOUTBREAKû
ANDûMANAGEMENTûHASûHADûTOûFORGOûANYûFACE
TO
FACEûMEETINGSûRESTRICTINGûDEALINGSûWITHû
INVESTORSûTOûTELEPHONEûANDûVIDEOûCONFERENCEû
CALLSû4RADINGûINûTHEûSHARESûBEGINSûAûWEEKûONû
-ARCHûOFF THE RAILSû2USSIANû2AILWAYSûWILLûDECIDEû
WHETHERûTOûGOûAHEADûWITHûAû3WISSûFRANCûGREENûBONDûAFTERûWRAPPINGûUPûMEETINGSû
WITHûINVESTORSûINû:URICHûLASTûWEEKû)TSûJUSTû
ONEûOFûAûNUMBERûOFû2USSIANûISSUERSûTHATûAREû
SEEKINGûTOûTAPûBONDûMARKETSû%UROCHEMû
WHICHûMAKESûNITROGENûPHOSPHATEûANDû
POTASHûFERTILISERSûHASûMEETINGSûWITHû
INVESTORSûSTARTINGûINû,ONDONûONû-ONDAYûTOû
MARKETûAû53ûDOLLARûISSUEûFLAUNTING ITS ASSETSû"OOKBUILDINGûOPENSûONû
THEûaMûJOINTû,ONDON
*OHANNESBURGûLISTINGû
OFû.INETYû/NEûTHEûASSETûMANAGEMENTûARMû
BEINGûSPUNûOFFûBYû3OUTHû!FRICANûBANKû)NVESTECû
"ANKERSûEXPECTûDEMANDûTOûBEûSTRONGûGIVENû
THATûTHEûDEALûHASûBEENûLONGûmAGGEDûANDû
INVESTORSûHAVEûHADûTIMEûTOûDOûRESEARCHû
)NVESTECûSHAREHOLDERSûAPPROVEDûTHEûDEMERGERû
ONû&EBRUARYûûWITHûûVOTINGûINûFAVOURCAST YOUR VOTESû"ANCOû"0-û)TALYSûTHIRD
LARGESTûBANKûGETSûBOARDûMEMBERSûTOGETHERû
ONû4UESDAYûTOûVOTEûONûAûNEWûTHREE
YEARûPLANû
)TûCOMESûAMIDûBIGûCHANGESûINûTHEû)TALIANû
BANKINGûINDUSTRYûAFTERû)NTESAû3ANPAOLOûMADEû
AûBIDûFORû5")û"ANCAû"0-ûWHICHûHADûBEENû
SEENûASûAûPOTENTIALûPARTNERûFORû5")ûISûTHEû
PRODUCTûOFûAûûMERGERûBETWEENû"ANCOû
0OPOLAREûANDû"ANCAû0OPOLAREûDIû-ILANOLAST WEEK IN NUMBERS
Zeroû
û.UMBERûOFûDEALSûINû53ûDOLLARû
CORPORATEûBONDûMARKETûASûCORONAVIRUSû
OUTBREAKûWORSENED
4.875%û
û#OUPONûONû!4ûFROMû).'ûBPû
WIDERûTHANûMARKETINGûONûITSûPULLEDûDEALû
AûWEEKûEARLIER
£500mû
û-2%,
ELIGIBLEûDEBTûTHATû
STRUGGLINGûLENDERû-ETROû"ANKûPLANSûTOû
RAISEûINûNEXTûTWOûYEARS
16%û
û)NTRADAYûDROPûINû!STONû-ARTINû
,AGONDAûSHARESûAFTERûLACKLUSTREûSALESûANDû
PLANNEDûRIGHTSûISSUE5 IFR PM 2322 p 15 - 24 .indd 20 28 / 02 / 2020 20 : 00 : 19