IFR International - 20.10.2018

SOUTH KOREAN POLITICIAN JI SANG WOOK, P

h4HISûISûANûUNPRECEDENTEDûEVENTûWHEREûTHEûPOCKETSûOFû3OUTHû

+OREANSûWEREûEMPTIED ûANDûxûMONEYûHASûLEAKEDûTOû#HINAv

Capital markets week ahead:

Italy, StoneCo, Johnson Controls

ROMAN NUMERALSû4HEû%UROPEANû
#OMMISSIONûISûEXPECTEDûTOûDELIVERûITSû
VERDICTûONû)TALYSûCONTROVERSIALûDRAFTû
BUDGETû3IGNSûAREûHIGHûTHATûITûWILLûREJECTûTHEû
DRAFTûITûHASûALREADYûWRITTENûTOû2OMEû
CONDEMNINGûWHATûITûSEESûASûANû
hUNPRECEDENTEDvûBREACHûOFûTHEûBLOCSûlSCALû
RULESû4HEûSHOWDOWNûHASûTRIGGEREDûAûSELL
OFFûINû)TALIANûGOVERNMENTûDEBT ûSENDINGûTHEû
SPREADûOVERû"UNDSûTOûITSûHIGHESTûSINCEû

4HEûSITUATIONûTHREATENSûTOûWRECKûVITALû
BONDûDEALSûPLANNEDûBYûTHEûCOUNTRYSûBANKSû
OVERûTHEûNEXTûFEWûWEEKSû5NI#REDIT û"ANCAû
-ONTEûDEIû0ASCHIûDIû3IENAûANDû"ANCAû#ARIGEû
NEEDûTOûRAISEûUPûTOûõBNûOFûDEBTûBETWEENû
THEMûBEFOREûTHEûENDûOFûTHEûYEARûTOûCOMPLYû
WITHûREGULATORYûREQUIREMENTSû4OûMAKEû
MATTERSûWORSE û-OODYSûISûEXPECTEDûTOû
DOWNGRADEû)TALYûBEFOREûTHEûENDûOFûTHEû
MONTHû)TûCOULDûGETûCHOPPY

PAY DAYû"RAZILIANûPAYMENTûPROCESSINGûlRMû
3TONE#OûMAKESûITSû.ASDAQûDEBUTûONû
4HURSDAYû)TSû53BNû)0/ûHASûALREADYû
GAINEDûAûBIGûBACKER ûWITHû7ARRENû"UFFETTû
HIMSELFûOFFERINGûTOûBUYûAûTHIRDûOFûTHEû
SHARESûONûOFFERû4HATûSHOULDûHELPûSTEADYû
THEûDEALûINûWHATûAREûPRETTYûUNFORGIVINGû
MARKETSûRIGHTûNOWû3TILL ûTHEûPREMIUMû
VALUATIONûBEINGûSOUGHTûHASûRAISEDûSOMEû
EYEBROWSûITSûTARGETINGûANû%6%BITDAû
MULTIPLEûOFûMOREûTHANû

POWER PLAYû&INALûBIDSûAREûEXPECTEDûINûTHEû
SALEûOFû*OHNSONû#ONTROLSûPOWERûSOLUTIONSû
BUSINESSû"ANKSûHAVEûALREADYûLINEDûUPûABOUTû
53BNûOFûlNANCINGûFORûWHOEVERûWINSûTHEû
CONTESTûTOûPURCHASEûTHEûUNIT ûWHICHûMAKESû
BATTERIESûFORûCARSûANDûOTHERûVEHICLESû4HEû
SALEûHASûDRAWNûATTENTIONûFROMûPRIVATEû
EQUITYûlRMSûANDûISûEXPECTEDûTOûBEûONEûOFû
THEûBIGGESTûBUYOUTSûOFûTHEûYEAR

HEAD IN THE SANDû3AUDIû!RABIASûmAGSHIPû

&UTUREû)NVESTMENTû)NITIATIVEûCONFERENCEû

KICKSûOFFûINû2IYADHûONû4UESDAYû4HEûEVENTû

HASûBEENûOVERSHADOWEDûBYûTHEû

DISAPPEARANCEûOFûJOURNALISTû*AMALû

+HASHOGGIûWITHûSEVERALûBANKû#%/SûPULLINGû

OUTû3TILLûBANKSûKEENûTOûWINûAûPIECEûOFû

MAMMOTHûDEALSûCOMINGûOUTûTHEûKINGDOMû

nûINCLUDINGûAû53BNûLOANûFORû!RAMCOnû

AREûEXPECTEDûTOûSENDûCONTINGENTSûTOûSHOWû

THEIRûCOMMITMENT

ON THE ROAD Tunisia begins meeting

INVESTORSûTOûMARKETûAûlVE

YEARûEURO

DENOMINATEDûBONDû4HEûDEALûWASû

ANNOUNCEDûLATEûLASTûYEARûBUTûHASûBEENû

DELAYEDûFOLLOWINGûAûTURNûINûINVESTORû

SENTIMENTûAGAINSTûEMERGINGûMARKETSû"UTû

BUOYEDûBYûAûPOSITIVEûASSESSMENTûFROMû

&ITCHûTHEûCOUNTRYûISûNOWûPUSHINGûONûWITHû

THEûDEALû4HEû.ORTHû!FRICANûCOUNTRYûHASû

SAIDûITûPLANSûTOûBORROWû53BNûTOûlNANCEû

ITSûBUDGETûDElCIT

BUMPY LANDINGû!MSTERDAMSû3CHIPHOLû

!IRPORTûISûEXPECTEDûTOûLAUNCHûAû

CONTROVERSIALûõMû'REENûBONDû)TûMETû

INVESTORSûLASTûWEEKûlELDINGûAûRANGEûOFû

QUESTIONSûABOUTûHOWûANûAIRPORTûCOULDûBEû

DEEMEDûANûENVIRONMENTALLYûSUSTAINABLEû

DEVELOPMENTû3CHIPHOLûRESPONDEDûBYû

TOUTINGûTHEûENERGYûEFlCIENCYûOFûITSû

BUILDINGSûnûNOTûTHEûPLANESûTHATûTAKEûOFFû

FROMûITSûRUNWAYS

A RARE SIGHTINGû9ETIûPRICESûITSûMARKETû

DEBUTûONû7EDNESDAYûINûANû)0/ûTHATûISû

EXPECTEDûTOûRAISEûMOREûTHANû53Mû

4HEûDRINKSûCOOLERûANDûmASKûMAKERûlRSTû

lLEDûTOûGOûPUBLICûINû!PRILûBUTû

PRESUMABLYûWENTûCOOLûONûTHEûIDEAû)Nû

-AYûTHEûCOMPANYûCOMPLETEDûAû

SUBSTANTIALûDEBTûlNANCINGûTOûPAYûAû

53MûSPECIALûDIVIDENDûTOû

SHAREHOLDERSûMAINLYûPRIVATEûEQUITYû

BACKERû#ORTEC

OPEN DAYû4HEû5+ûGOVERNMENTûCONTINUESû

AûROADSHOWûTOûMARKETûaBNûOFûSTUDENTû

LOANSûITSûSECONDûDEALûBACKEDûBYûLOANSû

MADEûBEFOREûBIGûCHANGESûTOûSTUDENTûFEESû

INûû4HEûDEALûCOMESûAGAINSTûAû

DIFlCULTûBACKDROPûHOWEVERûWITHû

UNIVERSITIESûFACINGûACUTEûUNCERTAINTYû

ABOUTûFUNDINGûANDûSTUDENTûNUMBERSû

-ANYûHAVEûTURNEDûTOûDEBTûMARKETSûTOû

FUNDûBIGûCAPITALûINVESTMENTSûTHATûAREû

STARTINGûTOûWORRYûSOME

QUARTER POUNDER The investment

BANKINGûREPORTINGûSEASONûMOVESûTOû

%UROPEûWITHû"ARCLAYSûANDû$EUTSCHEû"ANKû

BOTHûSETûTOûPUBLISHûTHEIRûQUARTERLYû

NUMBERSûONû7EDNESDAYû5"3ûFOLLOWSûAû

DAYûLATERûWITHûITSûRESULTSûACCOMPANIEDûBYû

ANûUPDATEûONûITSûSTRATEGYû)NVESTORSûAREû

EXPECTINGûSOMEûPRETTYûSHODDYûNUMBERSû

FOLLOWINGûLACKLUSTREûTHIRD

QUARTERûTRADINGû

ANDûUNDERWRITINGûREVENUESûATûTHEûBIGû53û

BANKS

LAST WEEK IN NUMBERS

US$2bn –û$EBUTûHIGH

YIELDûBONDûFROMû

RIDEûHAILINGûCOMPANYû5BERûUPSIZEDûFROMû

PLANNEDû53BN

330bp –û3PREADûOFû

YEARû)TALIANû

GOVERNMENTûBONDSûOVERû"UNDSûTHEû

HIGHESTûSINCEû

35% –û2ESPONDENTSûTOûAûMONTHLYû"!-,û

INVESTORûSURVEYûWHOûTHINKûAûTRADEûWARûISû

THEûBIGGESTûTAILûRISK