May 2014 Analysis

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Corporate Financing Analysis - Global Follow-On Deals Sluggish In 2014 - 26 MAY 2014

While still ahead, the gap between follow-on dealmaking and IPO activity in the global equity capital market (ecm) arena is narrowing. While IPO activity worldwide has been creating fanfare and getting markets chattering, the arena for secondary share sales has struggled so far in 2014 and currently finds itself with its head underwater in terms of total deal value from where it stood by the...

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Corporate Financing Analysis - A New Hope For Moribund Covered Bond Market? - 19 MAY 2014

Covered bonds remain out of favour in recent times in the world of corporate finance. We predicted midway through last year that while activity in the market for such deals - that is to say bonds that are backed by pools of mortgages or public sector loans that stay on the issuer's balance sheet - would undoubtedly decline, it will not dry up altogether (see BMI, August 7 2013, 'Bank of First...

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Corporate Financing Analysis - Middle East Helping Fuel 2014 Kangaroo Bond Rally - 12 MAY 2014

There is a healthy appetite for offshore Australian dollar bonds in 2014, with the Middle East region in particular beginning to realise its potential in the so-called 'kangaroo bond' arena. According to data provider Dealogic, kangaroo activity has reached USD11.3zbn so far in 2014, a 17% y-o-y increase in dealmaking and the third highest level by this stage in the year on record. Only in the...

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