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Briefing

Market Trends 2017/18: International Capital Markets

In this article, our international capital markets team gives an overview of recent trends experienced by companies as they raised capital in cross-border securities offerings in the international equity capital markets and debt capital markets.

Trends discussed include ways deal participants seek to reduce the risk of a deal failing (‘de-risking’), some significant new considerations in choosing a listing venue as well as disclosure hot buttons such as alternative performance measures and cybersecurity. Examples of de-risking tools are pre-marketing strategies such as recruiting cornerstone or anchor investors and ever-earlier engagement with investors as well as use of standby underwriting agreements (in an acquisition financing context). The de-risking trend reflects the backdrop of potential market fragility because of the geopolitical uncertainty and is likely to continue. The article also looks at key regulatory trends and notable transactions across the capital markets in Asia (excluding Japan), Europe and the United States.