International Equities: Issue now - before the next crisis

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International Equities: Issue now - before the next crisis

Investors are shunning emerging markets and wary that the US market is a bubble about to burst. With interest rates low, that makes European equities so much more attractive. But issuers know it could all go horribly wrong. They are rushing to the market before investor sentiment turns sour. And increasingly, as Antony Currie reports, the deals they want executed are block trades, secondary offerings and equity-linked bond deals, not the blockbuster privatizations that were once the mainstay of the market.

The primary market's Swiss saviour


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In the pipeline: international equity issues planned for 1999
Issuer Country Sector Issue type Amount ($m) Date
Deutsche Telekom Germany Telecom Secondary 4,000 Q1
Unicredito Italiano Italy Banks Secondary 4,000 Q1
Potugal Telecom Portugal Telecom Secondary 1,500 Q1
Amadeus Global Travel Spain Software IPO 1,000 Q1
United Pan EU Communications Netherlands Telecom IPO 500 Q1
Software Germany Software IPO 500 Q1
Indra Spain Electronics IPO 500 Q1
Air France France Airline IPO 500 Q1
Navion Norway Oil & Gas IPO 400 Q1
H Lundbeck Denmark Pharmaceuticals IPO 400 Q1
Continental Germany Autos Secondary 300 Q1
Superdiplo Spain Retail Secondary 250 Q1
General Optica Spain Retail IPO 240 Q1
ICO Luxembourg Telecom IPO 200 Q1
Transportes Azcar Spain Transport IPO 160 Q1
ENCE Spain Pulp & paper IPO 150 Q1
Antenna Greece Media IPO 100 Q1
Crédit Lyonnais France Banking IPO 4,000 Q2
Deutsche Bank Germany Banking Secondary 2,700 Q2
Monte dei Paschi di Siena Italy Banking IPO 2,000 Q2
Iberia Spain Transport IPO 2,000 Q2
Agfa Germany Industrial IPO 2,000 Q2
Aerospatiale France Aerospace IPO 2,000 Q2
Turk Telekom Turkey Telecom IPO 1,800 Q2
Debitel Germany Telecom IPO 1,750 Q2
Telecom Eireann Ireland Telecom IPO

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