UNIFIED STRUCTURE

摘要

The KBC rights offering showed the value of good-quality advice and a strong sales network among investors. The bank's share price had been one of the top performers of the year in Europe already, and there was a substantial question mark over whether institutional investors would want to increase their exposure so close to the end-year returns reporting for their funds. Other investment banks approached by KBC advised against the deal, but JPMorgan found investors to be receptive, and recommended going ahead. The deal was a success, allowing KBC to exit the crisis legacy of partial state ownership and plan for its future on purely commercial grounds. Equally, the depth of experience in the ECM team made JPMorgan a natural choice for the Telefonica Deutschland deal.