Companies are increasingly refusing to list in London in favor of the New York Stock Exchange, and this trend may continue, Bloomberg writes with reference to the opinion of analysts.
“If London fails to regain its status as a leading financial center, the trend away from London, mainly to New York, is likely to continue,” says Freshfields Bruckhaus Deringer LLP partner Oliver Lazenby.
Just this week, two major companies, construction materials manufacturer CRH Plc and IT firm Arm Ltd. opted to list in New York.
Meanwhile, bookmaker Flutter Entertainment Plc and biopharmaceutical Indivior Plc are planning secondary listings in the U.S.
Even some companies in the FTSE 100 Index are considering moving their listings to New York, said sources who wished to remain anonymous.
According to Citigroup’s Paddy Evans, U.S. exchanges attract companies with access to a larger capital market, higher valuations and less control over top executive compensation.
The capitalization of the British stock market now stands at about $3 trillion, compared with a peak of $4.3 trillion in 2007. Meanwhile, the combined market value of U.S.-listed companies has more than doubled over the same period, to $43 trillion, according to Bloomberg estimates.
On 30 April 2021, Ukraine announced the successful settlement of its new $$1.25 billion eurobonds due 2029 placed with a yield of 6.875%.
“The proceeds were transferred to the account of the State Treasury of Ukraine and will be used for general budgetary purposes,” the ministry said.
According to the report, the notes will be admitted to trading on London Stock Exchange’s main market on 4 May 2021. This is an inaugural listing of Ukraine’s sovereign bonds on London Stock Exchange. Earlier Ukraine’s notes were listed on the Irish Stock Exchange.
The ministry said that the notes were issued with a yield of 6.875%, receiving bids in excess of $3.3 billion from 223 investors. The investor base of the new issuance was dominated by asset managers, which accounted for 84% of the notes issued and followed by hedge funds (9%), insurance and pension funds (5%) and banks (2%).
Investors from the United Kingdom, the United States and continental Europe generated the majority of demand in the new eurobond’s primary offering with 42%, 34% and 21% of allocations, respectively. Investors from Asia and MENA amounted to 3% of the allocations.
BNP Paribas, Deutsche Bank, Goldman Sachs International and J.P. Morgan acted as joint bookrunners.
Government Commissioner for Public Debt Management Yuriy Butsa said that despite returning to the fiscal consolidation path, Ukraine’s financing needs are still high compared with the previous years. As a part of our debt management strategy, the decision was made to cover most of those needs from the local market and in national currency.
“Having successfully implemented this strategy in Q1, we returned to the international capital markets after their stabilization in order to cover part of our FX needs for this year. We are glad that in the less favorable market environment for the emerging economies, markets still remain accommodating for issuers with a track record of prudent fiscal and monetary policies and proactive engagement with the investor community,” he said.
Myronivsky Hliboproduct (MHP) sold 153,140 tonnes of chicken meat to third parties in April-June 2018 (Q2), which is 3% less than in April-June 2017. Sales of chicken meat in the first half of the year increased by 2%, to 288,440 tonnes, the company said in a report on the London Stock Exchange on Wednesday.
Poultry production volumes in Q2 2018 increased by 7% to 155,725 tonnes (Q2 2017: 145,820 tonnes) and in H1 2018 increased by 7% to 307,890 tonnes (H1 2017: 287,694 tonnes), due to increased production of heavier chicken and decreased share of thinning, the report said.
