| Capital markets transactions |
Equity transactions – Public offerings
Public offerings are often issued by smaller, younger companies seeking capital to expand, but can also be undertaken by large privately owned companies looking to become publicly traded. Through public offerings that are associated with listings on the stock exchange a company is able to raise more capital than by private placement at morefavourable pricing. Furthermore there are several advantages of being a public company:
- cheaper access to capital;
- diversified equity base;
- liquidity for equity holders;
- media attention and increased public image;
- heightened consumer awareness and confidence;
- opportunity for stock swap acquisitions.
Debt transactions - Corporate bonds
The advantages of issuing corporate bonds include:
- the issue of bonds has a tax benefit because of the debt tax shield;
- debt does not dilute the owner's interest in the company;
- lenders (bond holders) are generally entitled only to the repayment of the agreed-upon principal of the bond plus interest, and have no direct claim on future profits of the business.
In the last twelve months in Hungary, Equilor has organised bond issues of over 40M EUR despite very difficult financial conditions. With this performance Equilor has been one of the most active transaction advisers in the non-financial sector in that country.
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Budapest Stock Exchange
Warsaw Stock Exchange
Prague Stock Exchange