Product Description

An extensive 600-page critical study of success and failure in the global equity markets over the first six years of the decade. After two years of painstaking research by Bob Lilja, a former director of investment banking at CSFB, including interviews with over 300 CEOs, lead managers, regulators, lawyers, objective third parties and investors the book presents invaluable conclusions based around 24 detailed case studies of new equity issuances from around the world. The book reveals masses of information about the market not previously in the public domain and is comprehensive in its analysis of the reasons for the success or relative failure of each issuance covered. No punches are pulled in pursuit of the most frank and compelling analysis of the global equity markets. The transactions have been selected on the basis of essential "lessons learned" and offer all users of the market a guide to all the most critical elements in undertaking a global equity issue.

Product Details

• Amazon Sales Rank: #1613995 in Books
• Published on: 1997-12
• Format: Illustrated
• Original language: English
• Binding: Hardcover
• 493 pages

Financial Times
"...an insider's guide to the real factors that make or break an equity transaction" Wall Street Journal "...relevant for both buyers and sellers of new issues. If offers useful reflections on the pitfalls that loom on the road to the stock markets."

Excerpted from International Equity Markets: Art of the Deal by Robert Lilja. Copyright © 1997. Reprinted by permission. All rights reserved
Chapter 2: Market Development The overall growth of the global market for cross-border equity issuance has been spectacular throughout the 1990s - far exceeding world economic growth. Over the six years to 1996 the annual average growth in international equity issuance - the sale of shares outside the domestic market - has amounted to 26.5 per cent. This was achieved despite a tightening of US monetary policy between 1994 and 1995 which led to a small reduction in world-wide issuance in 1995. Compounded growth in the cross-border markets as a whole (including the domestic tranches of global cross-border offers) over the past four years was a healthy 12.2 per cent per year.

This tremendous growth is a result both of increased breadth, in terms of a broader variety of issuers from a larger number of countries and increased depth, in terms of the size of offer that can be achieved. The latter is illustrated by the number of transactions launched that were larger than US$1 billion. Whereas in 1991 there were only six transactions larger than US$1 billion, the equivalent figure was 29 in 1996. The fact that the number of corporate jumbo issues has increased faster than the number of large privatisation issues underscores the increasing maturity of the market. AUTHOR BIO: Born in Stockholm, Sweden, in 1956, Mr John Robert Lilja left his home country in 1976 and has since lived in Germany, Switzerland, South Africa, the United States and the UK. Following business studies at the St Gallen business school in Switzerland, Mr Lilja joined the Anglo American Corporation in Johannesburg, where he worked for three years in the Gold and Finance divisions. In 1985 Mr Lilja took up his investment banking career with Credit Suisse First Boston. After having spent six months in the New York office, Mr Lilja relocated to the London office, where he spent more than eight years in the corporate finance department. During this time, Mr Lilja assisted multinational corporations with the full range of corporate financings and strategic transactions such as acquisitions, divestitures etc., however, he spent the majority of his time advising corporations on how to tap the international equity market. Mr Lilja was promoted to Director - Investment Banking in 1991 and resigned in May 1994 to write this book.