The New Issue Year 2018 — a Cri­ti­cal Review

Abs­tract of the artic­le: The new issue year 2018 — a cri­ti­cal review — by Dr. Kon­rad Bösl

The new issue year 2018 — a cri­ti­cal review

World­wi­de, the num­ber of new issues fell by 21% year-on-year and by just over 16% in Euro­pe, while the volu­me of issues increased by 6% world­wi­de due to a series of mul­ti-bil­li­on issues, but fell by 17% in Euro­pe. The fourth quar­ter was par­ti­cu­lar­ly weak with a 34% drop in the num­ber of new issues and a 10% decli­ne in issue volu­me.

In con­trast to 2017, issuing acti­vi­ty in Ger­ma­ny deve­lo­ped bet­ter than in Euro­pe and world­wi­de. With 17 new issues (pre­vious year ele­ven) and the hig­hest issue volu­me sin­ce the turn of the mill­en­ni­um at € 11.25 bil­li­on (pre­vious year € 2.64 bil­li­on), the new issue balan­ce for Ger­man con­di­ti­ons in 2018 is posi­ti­ve over­all. Nevert­hel­ess, we must not lose sight of pro­por­tio­na­li­ty. In the USA the­re were more than 200 new issues in 2018, in Chi­na inclu­ding Hong Kong a good 300 despi­te a mas­si­ve slump — in Ger­ma­ny just 17.

I Strong new issu­an­ce acti­vi­ty in Ger­ma­ny under dif­fi­cult con­di­ti­ons

The over­all con­di­ti­ons for new issues in 2018 were poor. The DAX fell by just under 18 % in the cour­se of the year, with the second half alo­ne accoun­ting for a decli­ne of just under 14 % in the face of high vola­ti­li­ty. The DAX alre­a­dy lost over 1000 points in the first quar­ter. Nevert­hel­ess, five com­pa­nies found their way to the stock exch­an­ge, inclu­ding the two bil­li­on-euro issues of Sie­mens Healt­hi­neers and DWS. [2] The high level of uncer­tain­ty about poli­ti­cal and eco­no­mic deve­lo­p­ments world­wi­de and in the Euro­pean Uni­on led to an incre­asing risk aver­si­on and pri­ce sen­si­ti­vi­ty among inves­tors, so that the­re were only five new issues in the second half of the year (pre­vious year: 6). Howe­ver, even in the extre­me­ly weak fourth quar­ter, Knorr-Brem­se AG mana­ged the third bil­li­on euro issue of the year. The bil­li­on-euro issues alo­ne accoun­ted for a good 81% or € 9.35 bil­li­on of the issue volu­me. Sie­mens Healt­hi­neers and Knorr-Brem­se were the fourth and fifth lar­gest new issues to date in Ger­ma­ny and in 2018 world­wi­de.

II Cha­rac­te­ristics of new emis­si­ons acti­vi­ty in Ger­ma­ny in 2018

15 issuers cho­se the Prime Stan­dard for lis­ting and two.… Artic­le as pdf. Con­ti­nue rea­ding.

 

 

 

 

 

 

 

 

back to all blog posts
© 2024 Blättchen & Partner GmbH
Search
Search

Don't hesitate to contact us:

We use reCAPTCHA v3 from Google to reduce spam through our forms. Please click the "Load Form" button to allow reCAPTCHA v3. Please note Google's privacy policy.

Load form

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