Sell side Archive

Feb 05, 2019
Malaysian exchange expects better outlook on IPOs in 2019
Bursa Malaysia’s outgoing CEO is expecting the IPO market to improve in 2019 compared with the difficulties the market faced at the end of last year. ‘The IPO pipeline for this year, both in terms of numbers and size, will be much better than last year, and this includes main market listings,’ says Datuk Seri Tajuddin Atan in a statement unveiling the Kuala Lumpur stock market’s financial results for 2018. ‘The power of the market is mostly due to t...
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Feb 01, 2019
Consensus and Mifid II: One year on
Last week IR Magazine looked at how Mifid II – the mammoth European regulation that came into force at the start of 2018 – had impacted research.  In brief, European institutional investors cut budgets for external European equity research by almost a fifth in 2018, according to Greenwich Associates, which predicts a further 5 percent to 6 percent cut in 2...
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Jan 30, 2019
UAE amends law to boost capital markets
The UAE has adopted an amendment to the country’s Commercial Agencies Law that will allow trading agencies to convert into public shareholding companies, potentially creating greater opportunities for the region’s capital markets. Trading agencies are created when a UAE entity, typically a family-owned business, enters into an agreement with international agents or distributors. The law change will allow trading agencies to raise funds from local stock markets a...
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Jan 25, 2019
Research and Mifid II: One year on
The effects of Mifid II, the wide-reaching European regulation designed to unbundle costs and bring transparency to the markets, were expected to be fast and profound – resulting in huge cutbacks on the sell side and a dearth of research, particularly among small caps. There was initial tension around what research would cost and who would pay but, today, almost all European asset managers say they will cover research costs themselves. And just this week, US asset...
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Jan 18, 2019
Boom in Chinese companies listing in the US
The number of Chinese firms listed in the US increased in 2018, with Chinese issuers flocking to US capital markets and deal flow hitting an eight-year high, including multiple billion-dollar offerings such as Tencent Music. A total of 43 Chinese companies were newly listed in the US market last year, up from 24 firms in 2017 and 10 in 2016, according to Wind, a financial data provider. Chinese firms raised a combined $8.9 bn on US exchanges – the highest l...
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Jan 04, 2019
IPOs in Canada see ‘respectable’ finish to 2018
A better-than-expected final quarter of 2018 brought IPOs in Canada to a C$2.2 bn ($1.6 bn) total for the year – less than half of the 2017 total, but still a ‘respectable’ finish for a market plagued with volatility and uncertainty, according to a PwC Canada survey of IPOs in the country. The final quarter of 2018 saw 22 new issues on three Canadian exchanges deliver C$336 mn in new equity, down from the C$1.7 bn raised in 12 IPOs in the final quarter of 2017...
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Jan 02, 2019
Indian IPOs started well in 2018 but suffered big fourth-quarter dip
Following the global trend, Indian IPOs began last year well with impressive numbers for 2018 overall as IPOs raised $5.5 bn from 161 listings. But listings suffered from a big end of year dip, according to a report by financial services firm EY. At the Bombay Stock Exchange and the National Stock Exchange there were only two IPOs in the fourth quarter of 2018, notes the EY India IPO Trends: Q4 2018 report. The trend in the small and medium enterprise market was als...
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Dec 26, 2018
Early boost in US IPOs lost by year-end
US IPOs benefited from an early boost that was maintained throughout most of 2018, but dramatically slowed then halted from November as a huge stock-market sell-off and volatility caused IPO applicants to postpone deals. Overall, a total of 191 companies went public in the US in 2018, raising $46.8 bn – a rise from last year’s 160 IPOs and $35.5 bn of proceeds, according to data from Renaissance Capital. But a closer look at the numbers reveals that IPOs ...
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Dec 19, 2018
Advisory Intelligence: The shape of rates to come
Sponsored content The role of low interest rates has been a big point of economic debate, with a 2017 IMF report warning that maintaining them at such low rates could put the global financial sector at risk. Chris Scully, a Chicago-based analyst at Nasdaq IR Intelligence, understands this message. ‘A prolonged period of low interest rates is not really healthy for the market, because what we start seeing are investors taking too much risk. Also from a bus...
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Dec 11, 2018
How IROs are managing debt relationships
Innovative corporate capital raising, particularly in the tech sector, is blurring the distinction between public and private companies. It is also eroding the line between debt and equity holdings. Non-voting stocks look and feel like a bond without the guarantees, and bondholders respond to their increasing weight in companies with a growing interest in corporate governance and management issues. Symptomatically, the Financial Times reported this year tha...
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