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THE EXPERTS' VIEW |
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| December 2007 - Calyon strengthens its positioning in investment banking |
Calyon ranks among the top investment banks in France. Despite last summer's difficult market conditions, revenues in this area have been surging.
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 An organisation built around three divisions
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Investment banking at Calyon (Global Investment Banking) is built around three main divisions: - Global Corporate Finance, including advising on mergers and acquisitions,
- Global Equity Capital Markets, including:
- primary equity, the activities of issuing equity and other securities that provide access to a firm's capital,
- corporate equity derivatives, transactions that make use of equity derivatives to create corporate finance solutions for clients.
- Investment Banking Origination, whose mission is to obtain mandates. Organised around sectors, it includes the Global Financial Sponsor Group, a partnership with the Corporate Coverage Group for private equity fund activities.
Strengthened international and energy positioning | |
In 2007, investment banking expanded around two major focus areas: - strengthening origination capabilities, with the recruitment of new top-level investment banking personnel
- strengthening of offices outside France, adding to the division's international dimension.
- In the Middle East, Calyon opened a branch office in the DIFC (Dubai International Financial Centre), which is now fully operational. It has also created a joint venture with the BSF, dedicated to investment banking operations in Saudi Arabia, Calyon Saudi Fransi Limited (CSFL).
- In Japan and Italy, it created an origination capability in Corporate Equity Derivatives.
- In the United Kingdom, it created an origination team, Global Industrials.
The Investment Banking teams concentrate on the energy and non-agricultural commodity sectors, with synergy from Calyon's high profile in project finance in these sectors.
Calyon is also positioned on the renewable energy sector, where it won the mandate for the sale of 50% of the Compagnie du Vent's capital to Suez. Through its role in the Suez - Gaz de France merger, Calyon has confirmed its energy expertise and its skill in assisting companies in the sector in their financing operations.
Calyon has also bolstered its expertise in using equity derivatives to manage a broad spectrum of financing solutions for its clients.
Solid expertise based on successful deals | |
Global Equity Capital Markets
In 2007, Calyon made a particularly important contribution as Joint Bookrunner in Rexel's successful initial public offering (€1 billion), as Sole Global Coordinator and Joint Bookrunner in the fast-tracked placement of €3.7 billion in equity for EDF at year-end, and as Joint Bookrunner and Joint Global Coordinator in VICAT's secondary offering (€1 billion).
The bank also acted as Joint Bookrunner in the initial public offering for Olympique Lyonnais, the first-ever IPO for a French football club.
In hybrid securities, Calyon acted as Joint Bookrunner in managing convertible bond (OCEANE) issues for Rhodia and Michelin. At €700 million, Michelin's was France's largest issue of this type in three years.
Finally, in Corporate Equity Derivatives, Calyon confirmed its status as a major player in employee share ownership structuring, with mandates for 12 deals of this type, including seven for CAC 40 companies.
Global Corporate Finance
On the French market, Calyon carried out 31 deals totalling €37.5 billion. It notably acted as Euronext's advisor in its merger with the New York Stock Exchange, an €8 billion transaction.
Calyon was also very active in public offerings, bringing 11 of the French market's new issues in the course of the year.
In the European market, the Bank advised Allianz in its buyout of its AGF subsidiary's minority shareholders, as well as Sacyr in its offer for Eiffage.
Private Fund Placement
Despite the more difficult environment in the year's second half, the private fund placement activity built upon the success of its international diversification, acting on behalf of Asian, US and pan-European private equity funds. Calyon also carried out significant fundraising activities on the French venture capital market.
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