Capital markets week ahead:
Gates Industrial, Alpha Bank, PagSeguro
PULLING POWERû"LACKSTONEûHOPESûTOûRAISEûASû
MUCHûASû53MûFROMûTHEû)0/ûOFû'ATESû
)NDUSTRIALûONû7EDNESDAYû4HEûPRIVATEûEQUITYû
GIANTûHASûMANDATEDûNOûFEWERûTHANûûBANKSû
TOûRUNûTHEûDEALûWITHûPROCEEDSûGOINGûTOWARDSû
REDUCINGûTHEûPOWERûTRANSMISSIONûEQUIPMENTû
MAKERSûDEBTSû)FûSUCCESSFULûTHEûLISTINGû
WOULDûVALUEû
YEAR
OLDû'ATESûATû53BNû
COMPAREDûWITHûTHEû53BNû"LACKSTONEû
PAIDûFORûITûFOURûYEARSûAGO
"UTûTHEûDEALûCOMESûATûAûDIFlCULTûTIMEûFORû
SPONSOR
LEDû)0/Sû!POLLOû'LOBALû
-ANAGEMENTûHADûTOûDOWNSIZEûITSûPLANNEDû
LISTINGûOFûHOMEûSECURITYûPROVIDERû!$4ûLASTû
WEEKûFOLLOWINGûLACKLUSTREûFEEDBACKûFROMû
INVESTORSû)TûRAISEDûLESSûTHANû53BNûWELLû
SHYûOFûTHEû53BNûITûHADûBEENûTARGETINGû
4HEû'ATESû)0/ûTHISûWEEKûSHOULDûCLEARûUPû
WHETHERûPROBLEMSûWEREûUNIQUEûTOû!$4ûnûORû
WHETHERûSPONSORSûNEEDûTOûLOWERûTHEIRû
EXPECTATIONS
ELBOW GREECEû!LPHAû"ANKûHITSûTHEûROADûTOû
MARKETûAûlVE
YEARûCOVEREDûBONDûITSûlRSTû
PUBLICûDEALûINûMOREûTHANûTHREEûYEARSû)TûISûTHEû
LASTûOFûTHEûBIGûFOURû'REEKûBANKSûTOûRETURNûTOû
THEûMARKETûAFTERûTHEûCOUNTRYSûûSTANDOFFû
WITHûCREDITORSûWHICHûLEDûTOûAûRUNûONûTHEû
BANKSûANDûTHEûIMPOSITIONûOFûCAPITALûCONTROLSû
2IVALû."'ûINû/CTOBERûENDEDûAûTHREE
YEARû
HIATUSûINû'REEKûBANKûISSUANCEûWITHûAûõMû
ûTHREE
YEARûBOND
PAY ATTENTIONû"RAZILIANûDIGITALûPAYMENTSû
PROVIDERû0AG3EGUROû$IGITALûISûTARGETINGû
53BNûFROMûITSû)0/ûONû4UESDAYû
3NUBBINGûAûLOCALûLISTINGûITûHASûCHOSENûTOû
DEBUTûINû.EWû9ORKûAûMAGNETûFORûGLOBALû
TECHNOLOGYûCOMPANIESû7ITHûAûNUMBERûOFû
,AT!M
TO
53ûLISTINGSûLININGûUPûnû!RGENTINEû
AIRPORTûOPERATORû#ORPORACIONû!MERICAû
!IRPORTSûANDû0ERUVIANûFOODûCOMPANYû
#AMPOSOLûnûTHEûDEALûISûLIKELYûTOûBEûCLOSELYû
WATCHED
STRAIGHTENING THE BEDû"ELEAGUEREDûRETAILERû
3TEINHOFFû)NTERNATIONALûWHICHûLASTûMONTHû
REVEALEDûACCOUNTINGûIRREGULARITIESûPOTENTIALLYû
GOINGûBACKûYEARSûMEETSûAGAINûWITHûITSû
CREDITORSûONû&RIDAYû)TûSECUREDûAûõMûLIFELINEû
FORûITSû%UROPEANûOPERATIONSûFROMûBANKSûLASTû
WEEKûBUTûHASûSAIDûITûNEEDSûõMûTOûKEEPûITSû
SHOPSûOPENû3TEINHOFFûOWNSûMOREûTHANûû
BRANDSûINCLUDINGû0OUNDLANDûINûTHEû5+ûANDû
-ATTRESSû&IRMûINûTHEû53
FOR SALEû3PANISHûBUILDERû-ETROVACESAû
WHICHûWASûTAKENûOVERûBYûITSûBANKSûATûTHEû
HEIGHTûOFûTHEûCOUNTRYSûPROPERTYûCRASHû
OPENSûBOOKSûONû-ONDAYûONûITSû53BN
PLUSû
LISTINGû3ANTANDERûANDû""6!ûWHICHûOWNûû
OFûTHEûDEVELOPERûAREûLOOKINGûTOûCASHûOUTû
AFTERûYEARSûOFûRESTRUCTURINGû4HEYûAREû
TAPPINGûINTOûRENEWEDûAPPETITEûFORû3PANISHû
PROPERTYûFOLLOWINGûTHEû)0/SûOFû
HOMEBUILDERSû.EINORû(OMESûANDû!EDASûLASTû
YEAR
HOT PROPERTYû!
,IVINGû3ERVICESûTHEû
PROPERTYûMANAGEMENTûBUSINESSûOFû#HINESEû
PROPERTYûDEVELOPERû!GILEû'ROUPû(OLDINGSûISû
SETûTOûSTARTûBOOKBUILDINGûFORûAû53Mn
Mû(ONGû+ONGû)0/ûONû7EDNESDAYû4HEû
LISTINGûWHICHûWASûlLEDûINû3EPTEMBERûISû
SLATEDûFORû&EBRUARYûû!GILEûISûEXPECTEDûTOû
RETAINûAûMAJORITYûHOLDINGûINûTHEûCOMPANYû
FOLLOWINGûTHEûPLANNEDûSPIN
OFF
CAN I TAKE YOUR ORDER? Sonic, the biggest
DRIVE
INûRESTAURANTûCHAINûINûTHEû53ûISû
LOOKINGûTOûSELLûAûWHOLEûBUSINESSû
SECURITISATIONûTHATûWILLûRElNANCEûDEBTûANDû
FUNDûAûDIVIDENDû4HEû53MûBONDûWILLûBEû
THEûlRSTûOFûITSûKINDûTHISûYEARûANDûFOLLOWSûAû
RECORDûPERFORMANCEûFORû7"3ûINûûWHENû
MOREûTHANû53BNûOFûSUCHûSECURITISATIONSû
WEREûSOLDû4HEûS
STYLEûDRIVE
INûWILLûUSEû
ROYALTIESûFROMûMOREûTHANûûLOCATIONS
THE NEXT TIERû"ELGIANûBANKû"ELlUSûISû
EXPECTEDûTOûBRINGûITSûlRSTûEVERû!DDITIONALû4IERû
ûBONDûTHISûWEEKû)TûCOMESûFOURûMONTHSûAFTERû
THEûRELATIVELYûRAREûISSUERûMADEûITSûDEBUTûINû
THEûSENIORûNON
PREFERREDûMARKETû4HATûTRADEû
WASûSOûSUCCESSFULûTHATûITûFOLLOWEDûUPûWITHû
ANOTHERû3.0ûTRADEûJUSTûSIXûWEEKSûLATERû
)NVESTORûMEETINGSûBEGINûONû-ONDAYûWITHûAû
õMûNO
GROWûDEALûEXPECTEDûTOûFOLLOW
EARLY DISCHARGEû"OOKSûOPENûONû-ONDAYûONû
THEûUPûTOû53Mû)STANBULûLISTINGûOFû
4URKISHûHOSPITALSûOPERATORû-,0û3GLIKû
(IZMETLERû-OSTûOFûTHEûSHARESûONûOFFERûCOMEû
FROMûPRIVATEûEQUITYûGROUPû4URKVENûTHEû5STAû
ANDû%LBASIûFAMILIESûANDû4URKISHû
CONGLOMERATEû3ANCAKû'ROUPûWHICHûAREû
SELLINGûOUTûOFûTHEûHEALTHCAREûPROVIDERû)Tû
COMESûATûAûBUSYûTIMEûFORû4URKISHûDEALSûWITHû
%NERJISAû%NERJIûANDû-AVIûALSOûINûTHEûMARKET
OFF TO THE PICTURESû!û53BN
EQUIVALENTû
LEVERAGEDûLOANûlNANCINGûBACKINGû#INEWORLDSû
53BNûACQUISITIONûOFû53ûPEERû2EGALû
%NTERTAINMENTû'ROUPûISûOUTûFORûSYNDICATIONû
4HEûDEALûWILLûCREATEûTHEûWORLDSûSECOND
LARGESTû
MOVIEûTHEATREûOPERATORû"ARCLAYSûANDû(3"#ûAREû
LEADINGûTHEûLOANûlNANCINGûTHATûCOMPRISESûAû
53BNûSEVEN
YEARûCOVENANT
LITEûTERMûLOANû!û
RIGHTSûISSUEûISûALSOûINûTHEûWORKS
TURN OF THE EUROPEANS UBS reports
FOURTH
QUARTERûEARNINGSûONû-ONDAYûASûTHEû
SHIFTûTURNSûTOû%UROPEANûINVESTMENTûBANKSû
FOLLOWINGûAûMIXEDûREPORTINGûSEASONûFORûTHEIRû
LARGERû53ûPEERSû7HILEû-ORGANû3TANLEYû
INCREASEDûITSûRETURN
ON
EQUITYûTARGETû
FOLLOWINGûAûDECENTûSETûOFûRESULTSûRIVALû
'OLDMANû3ACHSûCONTINUEDûTOûBEûVEXEDûBYû
lXEDûINCOMEûTRADINGûASûREVENUEûFELLûBYû
h7EûNEEDûTOûFOCUSûONûREDUCINGûTHEûDEBTûRATIOûOFû
COMPANIESûxûANDûCONTINUEûTOûDISMANTLEûSHADOWûBANKINGv
CHINA BANKING REGULATORY COMMISSION CHAIRMAN GUO SHUQING, P
LAST WEEK IN NUMBERS
Fiveûnû5+ûBANKSûSETûTOûTAKEûHEAVYû
PROVISIONSûONûSYNDICATEDûLOANSûTOû
#ARILLIONûFOLLOWINGûITSûLIQUIDATION
€4.1bnûnû$EMANDûFORû2")SûPERPETUALû
NON
CALLûSûTHEûlRSTû!4ûOFFERINGûOFû
THEûYEAR
94bpûnû3PREADûOVERû4REASURIESûFORû53û
DOLLARûINVESTMENT
GRADEûCORPORATEû
BONDSûAûPOST
CRISISûLOW
50%ûnû9EAR
ON
YEARûFALLûINûlXEDûINCOMEû
TRADINGûATû'OLDMANû3ACHSûDURINGûAûPOORû
FOURTHûQUARTER