February 1999
International Equities: Issue now - before the next crisis
Investors are shunning emerging markets and wary that
the US market is a bubble about to burst. With interest rates low, that makes European equities so much more attractive. But issuers know it could all go horribly wrong. They are rushing to the market before investor sentiment turns sour. And increasingly, as Antony Currie reports, the deals they want executed are block trades,
secondary offerings and equity-linked bond deals, not the
blockbuster privatizations that were once the mainstay of the market.
The primary market's Swiss saviour
| In the pipeline: international equity issues planned for 1999 |
| Issuer |
Country |
Sector |
Issue type |
Amount ($m) |
Date |
| Deutsche Telekom |
Germany |
Telecom |
Secondary |
4,000 |
Q1 |
| Unicredito Italiano |
Italy |
Banks |
Secondary |
4,000 |
Q1 |
| Potugal Telecom |
Portugal |
Telecom |
Secondary |
1,500 |
Q1 |
| Amadeus Global Travel |
Spain |
Software |
IPO |
1,000 |
Q1 |
| United Pan EU Communications |
Netherlands |
Telecom |
IPO |
500 |
Q1 |
| Software |
Germany |
Software |
IPO |
500 |
Q1 |
| Indra |
Spain |
Electronics |
IPO |
500 |
Q1 |
| Air France |
France |
Airline |
IPO |
500 |
Q1 |
| Navion |
Norway |
Oil & Gas |
IPO |
400 |
Q1 |
| H Lundbeck |
Denmark |
Pharmaceuticals |
IPO |
400 |
Q1 |
| Continental |
Germany |
Autos |
Secondary |
300 |
Q1 |
| Superdiplo |
Spain |
Retail |
Secondary |
250 |
Q1 |
| General Optica |
Spain |
Retail |
IPO |
240 |
Q1 |
| ICO |
Luxembourg |
Telecom |
IPO |
200 |
Q1 |
| Transportes Azcar |
Spain |
Transport |
IPO |
160 |
Q1 |
| ENCE |
Spain |
Pulp & paper |
IPO |
150 |
Q1 |
| Antenna |
Greece |
Media |
IPO |
100 |
Q1 |
| Crédit Lyonnais |
France |
Banking |
IPO |
4,000 |
Q2 |
| Deutsche Bank |
Germany |
Banking |
Secondary |
2,700 |
Q2 |
| Monte dei Paschi di Siena |
Italy |
Banking |
IPO |
2,000 |
Q2 |
| Iberia |
Spain |
Transport |
IPO |
2,000 |
Q2 |
| Agfa |
Germany |
Industrial |
IPO |
2,000 |
Q2 |
| Aerospatiale |
France |
Aerospace |
IPO |
2,000 |
Q2 |
| Turk Telekom |
Turkey |
Telecom |
IPO |
1,800 |
Q2 |
| Debitel |
Germany |
Telecom |
IPO |
1,750 |
Q2 |
| Telecom Eireann |
Ireland |
Telecom |
IPO |
1,500 |
Q2 |
| Morphosys |
Germany |
Biotech |
IPO |
700 |
Q2 |
| Austrian Airlines |
Austria |
Transport |
Secondary |
300 |
Q2 |
| Elexis |
Germany |
Engineering |
IPO |
300 |
Q2 |
| Bank Hapoalim |
Israel |
Banking |
IPO |
300 |
Q2 |
| Austria Tabak |
Austria |
Tobacco |
Secondary |
250 |
Q2 |
| Egypt Telecom |
Egypt |
Telecom |
IPO |
250 |
Q2 |
| Euronav |
Belgium |
Transport |
IPO |
200 |
Q2 |
| Elexis Elektroholding |
Germany |
Engineering |
IPO |
200 |
Q2 |
| CPN / Plock |
Poland |
Oil & Gas |
IPO |
200 |
Q2 |
| Sabroe |
Denmark |
Manufacturing |
IPO |
150 |
Q2 |
| Lugrace |
Spain |
Real Estate |
IPO |
150 |
Q2 |
| Estonian Telecom |
Estonia |
Telecom |
IPO |
150 |
Q2 |
| Cintra |
Spain |
Transport |
IPO |
150 |
Q2 |
| Orascom Hotel Holdings |
Egypt |
Leisure |
IPO |
100 |
Q2 |
| Juventus |
Italy |
Leisure |
IPO |
100 |
Q2 |
| Ameriyah Cement |
Egypt |
Industrial |
IPO |
100 |
Q2 |
| Telia |
Sweden |
Telecom |
IPO |
3,000 |
H2 |
| Telnor |
Norway |
Telecom |
IPO |
1,000 |
H2 |
| Cantrell & Cockrane |
Ireland |
Beverages |
IPO |
1,000 |
H2 |
| Airtel |
Spain |
Telecom |
IPO |
1,000 |
H2 |
| Turkish Airlines |
Turkey |
Airline |
IPO |
500 |
H2 |
| HPT |
Croatia |
Telecom |
IPO |
500 |
H2 |
| Logista |
Spain |
Tobacco |
IPO |
450 |
H2 |
| Telefónica Publicidad e Información |
Spain |
Telecom |
IPO |
400 |
H2 |
| Steierische Energie Holding |
Austria |
Utility |
IPO |
400 |
H2 |
| Neopost |
France |
Industrial |
IPO |
400 |
H2 |
| INA |
Croatia |
Oil & Gas |
IPO |
200 |
H2 |
| Harrys |
France |
Bakery |
IPO |
150 |
H2 |
| Podravka |
Croatia |
Food & drink |
IPO |
50 |
H2 |
| LOT |
Poland |
Airline |
IPO |
50 |
H2 |
| Aeroporti di Roma |
Italy |
Airport |
IPO |
1,000 |
Not known |
| Tote |
UK |
Leisure |
IPO |
900 |
Not known |
| Belgacom |
Belgium |
Telecom |
IPO |
300 |
Not known |
| TAP |
Portugal |
Transport |
IPO |
200 |
Not known |
| CIECH |
Poland |
Chemicals |
IPO |
69 |
Not known |
| Stinnes |
Germany |
Transport |
IPO |
Not known |
|
| Ducati |
Italy |
Motorcycle |
IPO |
Not known |
|
|
Source: Salomon Smith Barney |
Last year was a watershed in European equity markets," says Michael Anderson, head of international equity capital markets at Donaldson Lufkin & Jenrette's London office. "Europe used to be dominated by traditional equity structures, but last year we saw more emphasis on customizing equity solutions for specific needs." In many cases this has meant convertibles, exchangeables and block trades.
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