Pandora the Denmark consider a rating for 1

The back looks loaded for the investment bankers. A rain of advertisements introductions on the stock exchange and capital increases hosted the market these days. To mention only a few major recent operations, Deutsche Bank could raise $ 11 billion. Pandora, the Denmark, consider a rating for $ 1.6 billion. The sovereign funds Singapore GIC would have begun to discuss with investors for the entry in the stock market - approximately 3 billionits logistics subsidiary.

In other words, the "pipeline" - in the words of the professionals - is very provided for the coming months, with many operations of significant size. "It is exceptional." comments on Cédric Chaboud, Manager of a fund specialised in the introductions in Lazard brothers management. For several months, the introductions accumulate. In view of the market turbulence, many could not escape. "At the same time, investment funds seek to turn their portfolios and out of entries".

The period is also favourable. Number of companies were expected to publish their half-year results before making announcements of appeal to the market. The slight revival of appetite for risk of investors also encourages candidates to come forward. "Initial operations which will emerge can probably attract others," he added.

According to estimates from Thomson Reuters, happening review projects and information of press (even as the rumours), almost $ 500 billion should arrive on the market in the coming months, in the world (including increases in capital, introductions, convertible, etc.).

It is in the Asia-Pacific that the highest amounts are expected, with notably the advent to the planned rating of AIA, the Asian subsidiary of AIG, which could raise $ 15 billion. The American continent (82 billion of which more than 40 billion of introductions, according to Thomson Reuters) will not in rest, with including the return to GM's stock exchange in the United States. In South America, the Brazilian company Petrobras gave recently kicked a record more than 60 billion capital increase.

In Europe, prospects are significant: more than 120 billion are expected by Thomson Reuters, including almost 30 billion entries to the rating. Among the large operations professionals including await Enel Green Power, this fall. Rating of the English activities of Santander is also mentioned by the press, while the barrier group should soon take its first steps on the Paris side.

Selective investment

Will all lifts be absorbed by the market Professionals are confident. "The funds still have much of cash or invested in bonds, which created an imbalance, says Damien Girault-Husson, market manager primary action of Credit Switzerland in Paris.". Major operations "will" probably better, liquidity and the possibility of investing in size being appreciated technical factors. In fact, their success will depend on the quality of the records, investors pursuing a policy of selective investment coupled with clearly established views on the levels of development.

Throughout the first half, on a background of severe turbulence, the investors have, indeed, been very selective and this requirement is expected to continue. Many operations have "pricer" at the bottom of the range of rating. At the same time, operations have been cancelled or postponed. Thomson Reuters accounted in early June a record 50 billion of cancellations in the world ("Les Echos" from June 24). "It may need to wait a little for some return: according to the reasons that caused the withdrawal of these transactions, it is not always easy to represent in the market a second time", resumed Damien Girault-Husson.

For capital increases, they will be the case by case basis. Professionals suggest possible operations in Spanish savings banks or Germany. "Scenario currently contemplated on Basel III, it anticipates not the moment to call massive and immediate market of banks, as was the case at the height of the crisis, even if it is appropriate to await the decisions of regulators and expectations of the leaders on their needs, says Valérie Vitter Mouradian, primary market head France in RBS.". With respect to other sectors, it will be a market of specific cases, including for refinancing of mergers and acquisitions. There is little risk of indigestion, given the diversity of sectors expected.