By using a convertible hybrid structure the Morgan Stanley team were able to solve the privatisation predicament of Hungarian hydrocarbons company MOL. Edward Russell-Walling finds out how they did it.
Latest articles from Edward Russell-Walling
BNPP pulls off last-minute switch
May 2, 2006
To finance its acquisition of Banca Nazionale del Lavoro, BNP Paribas raised two tranches of Tier 1 capital, switching one from the dollar market to sterling in a wise move. By Edward Russell-Walling.
For those who doubted that European cross-border bank consolidation could happen any time soon, BNP Paribas is the latest to test their non-belief.
ING’s two-part success story
April 3, 2006ING’s recent sterling hybrid got a good reception because it satisfied investor appetite for both insurance and banking. ING’s Maarten van Eden tells Edward Russell-Walling that all the market needed was a little persuasion.
Merrill seizes chance for long-term benefits
April 3, 2006Investors have been crying out for long-dated paper to match their liabilities but until recently the US Treasury declined to oblige. Once it had thrown its hat into the ring, Merrill Lynch spotted an opportunity for European Investment Bank. Edward Russell-Walling reports.
Porsche’s word
March 6, 2006
The lack of a rating failed to prevent massive retail interest in the auto maker’s assortment of bonds, writes Edward Russell-Walling.
Drivers love the cars – and investors positively adore the stock. For Porsche, which recently came to market with three large bond issues, these two facts are not unconnected.
Doing what comes naturally
March 6, 2006When BNP Paribas agreed to underwrite a $750m pre-export facility for the State Oil Company of Azerbaijan, it was seen as a brave move by other banks. Interest in the Caspian region will surely make the deal worthwhile. Edward Russell-Walling talks to the team.
Restored to power
February 6, 2006When energy producer Drax’s equity began to rise along with the rest of the market, it was a choice of sale or IPO. Lead adviser Deutsche Bank explains why it chose the latter. Edward Russell-Walling reports.
Barclays scores a double
February 6, 2006Barclays joined in the market’s pre-Christmas flurry with two major securitisations, including a supersized $5bn collateralised loan obligation. Edward Russell-Walling reports.
Thomson heads down hybrid route
December 5, 2005
When the share price of French media technology group Thomson dropped, it decided a hybrid structure was its best funding option. Its chief treasurer tells Edward Russell-Walling why.
The new market in hybrid capital for corporates continues to win converts. One of the latest is Thomson, the French media technology group.
The genesis of junk
December 5, 2005
Two South African firms have launched successful high-yield debt issues. Edward Russell-Walling reports.
When South African corporates want to raise capital, the international bond market is not the first place they go looking. For most of them, it would quite literally be the last. But two groundbreaking South African high-yield issues may herald a change in attitude.