Posts tagged as: Fees

He who pays the piper calls the tune

10th December 2016

Or so the saying goes. Not in China, it seems.

Pay for play in the PRC

13th April 2016

Having left investment banking a while ago, I’m baffled by the increasingly arcane and complex rules that now plague the business — the Chinese Mainland being a particular case in point.

Alibaba – the genie is out of the bottle

20th March 2014

I now write “Clawback” for GlobalCapital (formerly known as EuroWeek), a new column dissecting topics in Asia’s equity capital markets.

‘Add £10,000 for good luck’

27th August 2012

One of the perks of working in an investment bank is – or rather was – a fairly casual approach to expenses. Virtually everything is billable back to the employer, who directly or indirectly passes the expenses onto clients.

The curious anomaly of US IPO fees

13th January 2012

HONG KONG (Dow Jones Investment Banker) – Underwriters persistently rake in higher IPO fees in the US than in other markets. But with foreign companies increasingly shunning US listings, the American premium may be hard to sustain.

Death of a salesman

16th November 2011

HONG KONG (Dow Jones Investment Banker) – With market volatility comes caution, and IPO syndicates are no exception. Internationally and in Asia, these are increasingly becoming crowded at the senior end for sizeable transactions in particular. Junior underwriters, whose contribution remains marginal, are being squeezed out.

Spirit of fee enterprise

17th October 2011

Revenue generated by investment banks from underwriting Chinese IPOs globally was US$650 million in the first three months of this year, The Wall Street Journal reported. With all due respect to the Journal, that is probably a low-ball estimate, not counting all the ways banks profit from new listings.

The double edge of Glencore’s cornerstones

10th May 2011

The total number of shares subscribed for by cornerstone investors in Glencore’s IPO, which is targeting proceeds of about US$10 billion (excluding a 10% over-allotment option), is expected to represent approximately 31% of the global offer, assuming the overallotment option is not exercised. The US$3.1 billion tranche therefore represents one of the largest cornerstone books by value ever achieved for an IPO. But there are consequences to the practice, which could come back and haunt the issuer as well as other investors in the company.

 

 

I have set up this blog to report notable events on international IPOs.

These include particularly remarkable transactions, changes in market practice (whether pertaining to documentation, valuation or marketing techniques) and regulations, as well as appointments in the sphere of equity capital markets (ECM).

Although the blog has a bias towards the Asia-Pacific region, since this is where I am based, it is intended to be global in both its scope and outlook.

Please use the contact form above to report an IPO story or an ECM development.

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