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Deals of the Year 2011: Glencore

Size $11 billion initial public offering
Date May 2011
Joint bookrunners Citigroup, Credit Suisse, Morgan Stanley
Issue price 530p
return to the Global Deals of the Year index

That same Glencore IPO was another landmark transaction last year – a high-water mark for the IPO market that otherwise endured a traumatic 2011. And trauma can play strange tricks on the memory. The head of investment banking at a lead bank on the deal, which priced in May 2011, looks back at it now across the barren deal-making wasteland in the second half of last year and recalls a golden age. "Thank goodness we had such a good first half and got a lot of deals done, Glencore most notable of all, because the result is that our full-year numbers won’t look so bad despite what then followed."

In reality, the first half of 2011 was pretty tough in the equity capital markets. True, in the first seven months of the year 143 IPOs were priced for European issuers.

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