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.

 

 

 

 

 

 

 

 

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