What is a SPAC – Special Purpose Acquisition Company or Blank Cheque Company Equity Capital Markets by Matt - December 6, 2020December 6, 20200 My friend Tim Tim just asked me a very popular question in the investing world (and accordingly the investment banking world) – What is a SPAC? SPAC issuance has previously been somewhat of a fad – a few major ones and then radio silence and then a few major ones again.
Preferred Shares Primer Equity Capital Markets by Matt - December 6, 20180 When investment bankers look at quick and dirty enterprise value calculations, they generally think: EV = Net Debt (Debt - Cash) + Equity In corporate finance theory, enterprise value includes all levels of the capital stack including preferred shares ('prefs"). Preferred shares are securities that are senior to common equity and generally pay
A Comparison Of Spin-Outs Versus Carve-Out IPOs: Part II Equity Capital Markets by Matt - August 24, 2018March 20, 20190 Comparison Between Spin-Off and IPO There are reasons why a company may choose a spin-off versus an IPO. Depending on what shareholders prefer, this can either can be a good or bad option. An IPO results in cash proceeds for the parent. So if Alibaba carves out and IPOs Ant Financial, the
Subscription Receipts in Acquisition Finance Equity Capital Markets by Matt - August 14, 2018August 15, 20180 Why Issue Subscription Receipts Subscription receipts are often used as a form of acquisition financing in regards to equity. A public company may need to issue equity when debt is either not available or is not prudent. For instance, if the indicative cost of debt becomes too high as the market feels
Investment Bankers Love Equity Equity Capital Markets by Matt - July 2, 2018July 2, 20180 "I Don't Want to Do Equities" I am a big fan of "giving back" to aspiring financiers, in large part due to my altruistic nature. However, another reason is to encounter dunces and laugh at them. When I get a few in a row of the latter, I grow weary of
Acquisition Finance: Equity Consideration Equity Capital Markets Mergers & Acquisitions by Matt - March 6, 2018March 18, 20180 Should debt be completely tapped out or corporates want to stay within their investment grade credit rating (for some names, they may want to stay at a specific credit rating – for example A-), issuing equity or capital with high equity content is an option when a company requires funding
Global ECM Weekly Monitor Dec 01, 2017 – Saigon Beer Alcohol Beverage, Enterprise Products Partners Consumer & Retail Energy Equity Capital Markets Investment Banking Southeast Asia USA by Sara - December 4, 20170 Our previous Global ECM Weekly Monitors can be found here. Saigon Beer Alcohol Beverage Corporation (HOSE:SAB) Announcement Date: November 29, 2017 Gross Offering Amount: VND 109,972 billion (USD $4.8 billion) Price per share: VND 320,000 Lead Banks: Not Disclosed Nature of the issue: State bailout Security Issued: Common Shares Saigon Beer Alcohol Beverage Corporation is
Global ECM Weekly Monitor Nov 24, 2017 – Riverstone CKD II Management Company, Abu Dhabi National Oil Company Energy Equity Capital Markets Investment Banking Power & Utilities by Sara - November 29, 20170 Our previous Global ECM Weekly Monitors can be found here. Riverstone CKD II Management Company, S. de R.L. Announcement Date: November 22, 2017 Gross Offering Amount: MXN $9 billion Price per share: MXN $100 Lead Bank: Credit Suisse Nature of the issue: Follow-on Equity Offering; Development of Trust Security Issued: Development Trust Certificates
Global ECM Weekly Monitor Nov 17, 2017 – Alnylam Pharmaceuticals, Norwegian Cruise Line Holdings, Gardner Denver Holdings China Equity Capital Markets Healthcare Industrials USA by Sara - November 19, 20170 Our previous Global ECM Weekly Monitors can be found here. Alnylam Pharmaceuticals, Inc. (NasdaqGS:ALNY) Announcement Date: November 13, 2017 Gross Offering Amount: USD $700 million Price per share: $125 Lead Banks: Goldman Sachs, JP Morgan, Barclays, Barclays Nature of the issue: Follow-on Equity Offering; General Corporate Purposes Security Issued: Common Stock Overallotment: $105
Global ECM Weekly Monitor Nov 10, 2017 – Equinix, China Overseas Grand Oceans Group China Equity Capital Markets Real Estate Technology USA by Sara - November 13, 2017November 18, 20170 Our previous Global ECM Weekly Monitors can be found here. Equinix, Inc. (NasdaqGS:EQIX) Announcement Date: November 7, 2017 Gross Offering Amount: USD $750 million Price per share: Prevailing Market Price Lead Banks: Citi, JP Morgan, BofA Merrill Lynch, RBC Nature of the issue: Follow-on Equity Offering; Funds will be used for working capital