Significance of Privatisation Issues - PowerPoint PPT Presentation

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Significance of Privatisation Issues

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Significance of Privatisation Issues Privatisations continue to account for a significant proportion of all Equity Issuance Europe (Western & Eastern) continues to ... – PowerPoint PPT presentation

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Title: Significance of Privatisation Issues


1
Significance of Privatisation Issues
  • Privatisations continue to account for a
    significant proportion of all Equity Issuance
  • Europe (Western Eastern) continues to account
    for over 70 of all privatisation issues

2
Significance of Privatisation Issues
  • Following the success of large privatisations,
    large corporates have been encouraged to issue
    larger amounts of equity
  • As privatisation issues become less, the number
    of large transactions continues to grow

3
Selected Privatisations
4
Impact on Banking Sector
  • Fees paid by Governments on high profile
    transactions have fallen and now stand at under
    2 for most secondary offerings
  • Consolidation within the investment banking has
    made up for some of the fall in gross spreads ...
  • ... but there is now a greater concentration of
    the major offerings among the leading banks

5
Impact on Banking Sector
  • Competition for these offerings is more intense
    than ever, with fees often being the main
    bargaining method
  • As a result of this squeeze, syndicates have
    become smaller and transactions have taken on an
    increasingly global nature
  • Increased cross-border investment, particularly
    within the Euro-zone, aided by the move to
    sectoral as opposed to regional investment, has
    facilitated the success of tight global
    structures as used in France Telecom II and
    Endesa IV

6
Syndicate Trends
  • The effect of the fall in fees on syndicate
    composition is clear
  • Syndicates have become smaller with the value
    added by junior members reducing as more
    importance is placed on the role of Bookrunner
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