WHO ARE THE LEADERS IN INTERNATIONAL EQUITIES?
Over the past three months, Euromoney has compiled the market's most comprehensive database on international equities. The information will soon be available as a new data service, providing a system comparable to Euromoney's highly respected Bondware. Meanwhile, the process of data collection goes on. Here we offer some preliminary results.
Last year investors rediscovered equities. The trend towards share offerings sold wholly to foreign investors accelerated, catching the market's imagination. It became very clear that the Euro-equity was an important new growth source for the international capital markets.
Some of the deals were very large indeed. In June 1985, Nestle issued 300,000 bearer participation certificates. The firm returned to the market twice more in the next four months, each time placing the BPCs at a higher price. The three offerings raised almost $500 million. In December, Deutsche Bank went one better, placing $1.5 billion of Daimler-Benz shares outside Germany in a syndicated secondary offering. That one deal was enough to put Deutsche at the top of Euromoney's international equity league table.
Companies wishing to issue shares abroad can choose from three main methods.
* Euro-equity offerings.