IFR International - 28.07.2018

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OFûTHEûCOMBINEDûCOMPANY
%LIû,ILLYûSHARESûGAINEDûûONû4UESDAYSû
announcement to close the session at
53 ûHIKINGûITSûVALUATIONûTOû53BN
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Zoetis fetches about 7-times forward
revenue, suggesting a $20bn-plus valuation
ISûPOSSIBLEûFORû%LANCO

SONOS LAUNCHES IPO

3MART
SPEAKERûMAKERûSONOS pushed forward
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tariff on products that could blunt future
SALES
Morgan Stanley, Goldman Sachs and Allen
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VALUEû3ONOSûASûHIGHûASû53BN
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53BN û2EUTERSûREPORTEDûEARLIERûTHISû
MONTH
That was before the Trump
!DMINISTRATIONûSAIDûITûWOULDûSLAPûûTARIFFSû
on Chinese manufactured goods, including
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4HEûTARIFFSûAREûEXPECTEDûTOûTAKEûEFFECTûINû
3EPTEMBER
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our inbound products to the United States
WOULDûBEûSUBJECTûTOûAûûTARIFFûASSESSEDûONû
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THEûPROSPECTUS
The company is hoping to blunt any
BACKLASHûOVERûPOTENTIALûPRICEûINCREASESûBYû
APPEALINGûTOûTECH
SAVVYûAUDIOPHILES
Sonos just launched the Sonos Beam, a
VOICE
ENABLEDûHOMEûCINEMAûSPEAKERûTHATû

CONNECTSûWITHû!MAZONSû!LEXAûANDû!PPLESû

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company plans to add Google Assistant later

THISûYEAR

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As a result, Sonos Beam is not included in

EXPECTEDûPRELIMINARYûRESULTSûFORûTHEû*UNEû

quarter that call for an Ebitda loss of

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NOODLES SPONSORS SEEK EXIT

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YEARS

Noodles, which reported its second

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MûSHARESûATû53ûONû4HURSDAYûAûSLIGHTû

DISCOUNTûTOûTHEû53ûLASTûSALE

Jefferies, Citigroup, RBC Capital Markets,

SunTrust Robinson Humphrey and CL King were

THEûJOINTûBOOKRUNNERS

.OODLESûREACHEDû53ûAûSHAREûAFTERûITû

REPORTEDûITSûEARNINGSûLASTûWEEKûTHOUGHûTHEû

PRICEûISûSTILLûAûFRACTIONûOFûITSûPOST

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Noodles was one of the best performing

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Noodles opened no new restaurants in the

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GROWTH

STATE STREET PRE-FUNDS ACQUISITION

OVERNIGHT

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noticeably absent in one of the busiest

WEEKSûOFûTHEûYEARûFORûTHEûWIDERûEQUITYû

CAPITALûMARKETS

Morgan StanleyûBROKEûTHEûSILENCEûWITHûAû

53BNûCOMMITMENTûONû4HURSDAYûNIGHTû

in STATE STREETû4HEûBANKûATTEMPTEDûTOû

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The effort appeared successful, as State

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ITSû53BNûALL

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COMPANYûSAIDûITûPLANNEDûTOûlNANCEûTHEû

PURCHASEûWITHû53MûSAVEDûBYû

suspending share repurchases through year-

end, with the balance coming from equity

nûTWO

THIRDSûINûTHEûFORMûOFûNEWûCOMMONû

STOCKûANDûONE

THIRDûINûPREFERREDûSTOCK

$ESPITEûBEINGûWELLûTELEGRAPHEDûTHEûBLOCKû

purchase was an aggressive one given that

this is primary, dilutive capital and well

AHEADûOFûEXPECTEDûFOURTH

QUARTERûACQUISITIONû

CLOSING

MERIT AND VERACYTE FUND ON

EARNINGS BEATS

Surgical device company MERIT MEDICAL

SYSTEMS capitalised on a second-quarter

EARNINGSûBEATûTHROUGHûAû53MûEQUITYû

RAISE

-ERITûSHARESûWEREûUPûûONû-ONDAYûAFTERû

the company reported second-quarter

EARNINGSûOFûûCENTSûAûSHAREûTHATûWEREûû

BETTERûTHANûTHEû4HOMSONû2EUTERSû

3MART%STIMATEûOFûûCENTS

Wells Fargo and Piper Jaffray

OPPORTUNISTICALLYûPRICEDûMûSHARESûATû

53ûEACHûVERSUSûTHEû53ûLASTûSALE

EQUITIES AMERICAS

GLOBAL CONVERTIBLE OFFERINGS

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

bank or group issues US$(m) (%)

1 Goldman Sachs 41 9,001.83 13.5

2 JP Morgan 43 6,491.58 9.7

3 Morgan Stanley 40 6,094.08 9.1

4 BAML 29 4,537.58 6.8

5 Citigroup 19 3,433.92 5.2

6 Credit Suisse 18 2,677.31 4.0

7 Deutsche Bank 14 2,576.35 3.9

8 UBS 7 2,268.82 3.4

9 Barclays 14 2,113.22 3.2

10 BNP Paribas 11 1,503.79 2.3

Total 238 66,644.08

Including exchangeables.

Source: Thomson Reuters SDC code: C9

GLOBAL CONVERTIBLE OFFERINGS – EMEA
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)

1 UBS 3 1,849.73 18.4
2 SG 7 1,072.57 10.7
3 JP Morgan 6 1,069.08 10.6
4 Deutsche Bank 4 1,022.29 10.2
5 Citigroup 5 792.52 7.9
6 BNP Paribas 6 673.63 6.7
7 Goldman Sachs 5 632.75 6.3
8 Morgan Stanley 3 399.50 4.0
9 BAML 3 385.75 3.8
10 HSBC 3 343.25 3.4
Total 29 10,069.81
Including exchangeables.
Source: Thomson Reuters SDC code: C09d

ALL INTERNATIONAL US CONVERTIBLES

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

bank or group issues US$(m) (%)

1 Morgan Stanley 31 4,734.26 15.9

2 Goldman Sachs 29 4,661.31 15.7

3 JP Morgan 32 4,374.91 14.7

4 BAML 24 3,804.88 12.8

5 Citigroup 12 2,305.60 7.7

6 Barclays 11 1,809.97 6.1

7 Wells Fargo 10 1,392.38 4.7

8 Deutsche Bank 7 969.83 3.3

9 RBC 6 858.45 2.9

10 Credit Suisse 8 814.67 2.7

Total 77 29,781.87

Source: Thomson Reuters SDC code: C9a