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| 7/3/2009 |
| Renaissance Capital advises on six capital raisings, foresees continued dealflow in EMEA |
Moscow, Almaty, Lagos, July 3, 2009 -- Renaissance Capital says a capital markets window remains open for issuers from emerging Europe, the Middle East and Africa (EMEA), as the investment bank has advised on six such transactions in the last two weeks.
Renaissance Capital acted as the sole bookrunner for a $105.5 million follow-on offering for AIM-listed African Minerals Limited, completed yesterday. The Firm was a joint bookrunner on a $27 million follow-on offering for Russian exploration company Volga Gas announced June 19. The same day Tethys Petroleum, a Toronto-listed energy company with operations in Central Asia, announced it raised $20 million in new equity on a deal co-led by Renaissance Capital.
The African Minerals and Volga Gas transactions are the only two equity offerings to price at a premium to the previous market price in EMEA this year.
This week Renaissance Capital also acted as co-lead bookrunner on two ruble bonds totaling 15 billion rubles ($483.4 million) for Gazprom, Russia’s largest borrower.
Andrew Cornthwaite, Renaissance Capital Deputy CEO and Head of the Financing Group, said: “There is no guarantee that the liquidity window were are enjoying currently will last indefinitely. However we believe that issuers in our core markets in Russia, the CIS and Africa still have sufficient time to take advantage of this window if they act swiftly. The levels of demand for the deals we have completed, and indicative demand for the many deals in our pipeline, demonstrate that the investor mindset has shifted from cash is king to too much cash risks underperformance.”
About Renaissance Capital (www.rencap.com)
Renaissance Capital is a leading investment banking firm in Russia, Ukraine, Central Asia and sub-Saharan Africa. Renaissance Capital has market-leading positions in each of its core businesses -- M&A, equity and debt capital markets, securities sales and trading, research, and derivatives. Renaissance Capital is part of the Renaissance Group.
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