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Sunday, 22 May 2011

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Swiss commodities trader Glencore's logo is seen in front of the headquarters in Baar near Zurich

Glencore offers hope

19 May 2011 | Updated: 20 May 2011

The success of Glencore’s US$10bn IPO has given European ECM bankers a lift after a tough year for new issues.The deal overcame slumping commodity prices and a weak IPO market to price in the middle of its range. The shares, however, fell through issue price on Friday, illustrating the scale of the challenges involved. Owen Wild reports.

Google raises US$3bn with debut bond

Google grows up

IFR 1884 21 May to 27 May 2011

Google has completed another step in its journey from start-up to blue chip and for the first time has put debt on its balance sheet, selling US$3bn of three, five and 10-year notes. It is the latest in a spate of rare or debut issues by large tech companies in the past year at levels that are about as close to zero as a corporate can get. Apple and Amazon might be next, reports Danielle Robinson.

Head office of Takeda Pharmaceutical Co., Ltd. is seen in Tokyo

Japan's Swiss shopping spree

IFR 1884 21 May to 27 May 2011

Japanese M&A financing is set to return to 2008 levels, boosted by Japanese companies’ acquisitive interest in Swiss firms. AA rated drugmaker Takeda Pharmaceutical agreed its €9.6bn acquisition of Switzerland’s Nycomed last week and Toshiba has said that it will buy unlisted Swiss-based meter maker Landis+Gyr.

Shanghai international board nears launch

IFR 1884 21 May to 27 May 2011

Foreign companies may soon be able to list on the Chinese mainland after stock market regulators last week said the country was “almost ready” to launch its much-awaited international board after almost a year of planning.

Pertamina sells US$1bn 10-year – and tacks on US$500m 30-year days later

Buyers rush to Pertamina

IFR 1884 21 May to 27 May 2011

Indonesian state-run energy firm Pertamina last week completed a blockbuster debut 10-year Global bond issue, taking full advantage of investor hunger for exposure to South-East Asia’s largest economy. Such was its success that it returned just four days later with a 30-year. Umesh Desai reports.

Banner announcing Linkedin Inc. listing on the New York Stock Exchange hangs on Exchange in New York

LinkedIn IPO in short supply

IFR 1884 21 May to 27 May 2011

To describe the LinkedIn IPO in the context of too much demand and not enough supply is an understatement. Rampant investor interest led to the predictable outcome of a soaring aftermarket, with little consideration for the actual offer price. Institutions that managed to receive an allocation are not alone in counting their blessings.

A pedestrian walks past a branch of a Santander bank in London

Setting the standard

IFR 1884 21 May to 27 May 2011

Santander UK last week sold the biggest truly public UK RMBS since the start of the financial crisis, printing £3.75bn-equivalent of bonds to eclipse previous master trust sales from competitors Lloyds and RBS. Around 60% of the deal was denominated in dollars, but the sheer size of the offer was a significant achievement. Anil Mayre reports.

Comment: Keith Mullin

Competition thrives in Tokyo

IFR 1884 21 May to 27 May 2011

In Tokyo, where I recently visited local investment banks, joint ventures and foreign firms, the after-effects of the March earthquake and tsunami are foremost in everyone’s thoughts, but senior investment bank managers are beginning to focus more firmly on business opportunities, and coverage and origination teams have returned to building deal pipelines.

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Analysis - IFR's Keith Mullin on options for Greek debt

IFR Editor-at-large Keith Mullin discusses possible exit strategies for the Greek debt crisis.

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Up Front

Much to be proud of

IFR 1884 21 May to 27 May 2011

The US$10bn IPO of Glencore will not reach the maximum of US$11bn after some of the greenshoe was used up in stabilisation activities at the tail-end of last week. However, the slightly soft debut should not be allowed to tarnish the achievement of simply getting the IPO to a successful close.

Controlling the message

IFR 1884 21 May to 27 May 2011

What’s that thing called? You know, it’s like your brain, but better? Oh yes, Google. Given the company’s all-pervading influence, it was no surprise that its debut bond issue was a storming success – nor that, when you type “Google bond” into the search engine, the first result (of 53m) reads “Google’s sale of $3bn of bonds is widely and justifiably recognised as excellent for Google”.

Shanghai international board nears launch

IFR 1884 21 May to 27 May 2011

Foreign companies may soon be able to list on the Chinese mainland after stock market regulators last week said the country was “almost ready” to launch its much-awaited international board after almost a year of planning.

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