IFR International - 20.10.2018

(Nancy Kaufman) #1

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
Free download pdf