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Capital Markets

Asda takeover: Shopping for debt

In October 2020, billionaire brothers Mohsin and Zuber Issa, owners of EG Group, together with TDR Capital, announced the purchase of a majority stake in Asda, the UK’s third largest supermarket, that valued the company at £6.8bn. Rishi Sunak was quick to praise the buyers for “returning ASDA to majority […]

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Capital Markets

Private equity: Sport’s biggest fan

Around the world, sports organising bodies, teams, and leagues have been hugely impacted financially by the pandemic, suspended for a period of time and deprived of vital ticket revenues. In 2020, it’s estimated that the three big US sports leagues (NBA, NFL, MLB) lost $13bn in revenue, the English Premier […]

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Market Trends

Can Big Oil survive in a low-carbon world?

Oil prices slumped to their lowest levels since May on October 29th, with Brent Crude oil prices falling below $37 per barrel. Renewed lockdowns in Europe and resultant falls in demand serve as a reminder for an industry, scarred by the freefall of oil prices in March and April, of […]

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Macroeconomic News

The need for EU fiscal reform

On Wednesday October 21st, the European Fiscal Board, an independent body that advises the European Commission, urged policymakers to take advantage of the opportunity for much-needed fiscal policy reform. The Stability and Growth Pact’s current temporary suspension has led for calls to rethink whether the pact’s target of a 60% […]

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Capital Markets Market Trends

Direct listings: Sidestepping the traditional IPO

Project management software provider Asana and data analytics and consultancy firm Palantir directly listed their shares on the NYSE on September 30th, bypassing the traditional IPO method. By excluding underwriters, (historically) selling pre-existing shares and thus raising no new capital, direct listings in the past have been best suited to […]