International Financing Review March 21 2020^81STRUCTURED EQUITYand bone disease biotech to launch
marketing when the US IPO market
reopens.
Jefferies, SVB Leerink and Piper Sandler are
joint bookrunners.
4HEûPRELIMINARYûlLING ûTHEûONLYûONEû
in the US last week, would allow Keros
to go public in early April, an unlikely
time-frame given the current state of the
market.
Keros bought itself some time by raising
US$56m privately in a Series C funding
round earlier this month.
At the time, Keros only had US$3.6m of
cash that would have kept it going into the
second quarter. The Series C raising gives it
enough money to fund a Phase II trial of its
lead drug in patients with a rare form of
anaemia.
Keros has a second drug that is expected
to complete a Phase I trial in the middle of
this year. The IPO, if successful, would fund
a Phase II trial on that same drug later this
year.
Both drugs address the underlying causes
of anaemia. The lead drug is a protein that is
designed to stimulate red blood cell and
platelet production.
The second drug is a small molecule that
has been designed to block certain cell
receptors that are believed to cause anaemia
when they become overactive.SUSTAINABLE OPPORTUNITIES
TOUTS ESG-FOCUSED SPACIt takes more than a virus crisis and a market
crash to keep SPAC product out of the market.
ESG-focused SPAC SUSTAINABLE OPPORTUNITIES
ACQUISITIONûSOMEWHATûSURPRISINGLYûlLEDû
documents last week for a US$300m IPO.
Citigroup is named as sole bookrunner.
3USTAINABLEû/PPORTUNITIESûISûTHEûlRSTû
SPAC with a clear ESG mandate, though it is
certainly possible that other vehicles have
made ESG-type acquisitions.
Management is chasing “brown-to-green”
opportunities within that mandate, potentially
encompassing manufacturing, chemicals,
logistics, tech, agriculture or energy assets.
The SPAC’s unit structure comprises one
common share and one-half warrant,
CONlRMINGûTHEûRECENTûMOVEûTOWARDSûMOREû
investor-friendly gearing. It has a 24-month
INVESTMENTûHORIZONûWITHûûOFû)0/û
proceeds to be held in trust.
The vehicle’s management bring some
SPAC expertise.
Scott Honour, the vehicle’s chairman and
CO
FOUNDERûOFû0%ûlRMû.ORTHERNû0ACIlC ûHADû
a 10-year stint at SPAC powerhouse Gores
that ended in 2012. CEO Scott Leonard
brings expertise in “decarbonisation” as the
former CFO of independent power producer
GenOn Energy.STRUCTURED EQUITY
CHINA
DUO EYE Rmb5.6bn CBShanghai-listed BBMG plans to raise
Rmb2.82bn (US$398m) from a six-year
convertible bond issue for its subsidiary
Tangshan Jidong Cement Company.
The unit will use the proceeds for seven
cement production projects and to replenish
working capital.
*IDONGû#EMENTûPOSTEDûAûNETûPROlTûOFû
Rmb4.9bn on revenues of Rmb34.5bn for 2019.
3HENZHEN
LISTEDûTANGSHAN JIDONG CEMENT
also aims to raise Rmb2.82bn from a
proposed six-year convertible bond offering.
Proceeds will be used for the relocation
and reconstruction of cement production
lines, limestone mining and the
construction of auxiliary facilities, as well as
FORûFOURûHAZARDOUSûWASTEûDISPOSALûLINESûANDû
to replenish working capital.
4HEûCOMPANYûPOSTEDûAûNETûPROlTûOFû
Rmb4.9bn for 2019 on revenues of
Rmb34.5bn.
The proposals still need approval from
shareholders and Chinese regulators.GLOBAL CONVERTIBLE OFFERINGS – EMEA
BOOKRUNNERS: 1/1/2020 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)Including exchangeables.Source: Refinitiv SDC code: C09d1 JP Morgan 4 917.46 22.7
2 Morgan Stanley 3 751.80 18.6
3 BNP Paribas 2 501.80 12.4
4 HSBC 1 278.38 6.9
5 UniCredit 1 278.38 6.9
6 Barclays 1 278.38 6.9
7 Citigroup 1 278.38 6.9
8 UBS 1 250.00 6.2
9 Goldman Sachs 1 250.00 6.2
10 VTB Capital 1 250.00 6.2
Total 5 4,034.55ALL INTERNATIONAL ASIAN CONVERTIBLES
BOOKRUNNERS: 1/1/2020 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)Including exchangeables.Source: Refinitiv SDC code: M101 Citigroup 3 737.81 17.9
2 Morgan Stanley 2 487.03 11.8
3 JP Morgan 3 425.78 10.3
4 BofA Securities 1 372.03 9.0
5 Goldman Sachs 2 365.78 8.9
6 Credit Suisse 4 359.48 8.7
7 UBS 2 315.78 7.6
8 HSBC 2 225.78 5.5
9 Barclays 1 200.00 4.8
10 BNP Paribas 1 200.00 4.8
Total 9 4,130.06ALL INTERNATIONAL ASIAN CONVERTIBLES
(EXCLUDING JAPAN)
BOOKRUNNERS: 1/1/2020 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)Including exchangeables.
Source: Refinitiv SDC code: M111 Citigroup 3 737.81 19.0
2 Morgan Stanley 2 487.03 12.5
3 JP Morgan 3 425.78 11.0
4 BofA Securities 1 372.03 9.6
5 Goldman Sachs 2 365.78 9.4
6 UBS 2 315.78 8.1
7 Credit Suisse 2 265.00 6.8
8 HSBC 2 225.78 5.8
9 Barclays 1 200.00 5.1
10 BNP Paribas 1 200.00 5.1
Total 6 3,884.98For more information on the various advertising and sponsorship
opportunities available within IFR, email: [email protected]Make the most of your
success stories
10 IFR Equities and SE 2325 p 73 - 81 .indd 81 20 / 03 / 2020 19 : 38 : 57