Ah, Deutsche Bank. The scrappy Wall Street firm has managed to avoid becoming a casualty of the Financial Meltdown, and thanks to GE’s $12 billion stock offering, it’s getting a nice underwriting fee and a boost up the equity capital markets league table (from no. 9 to no. 8).
WSJ Deal Journal blog: General Electric’s decision to sell $12 billion in common stock to the public is the best news Deutsche Bank’s equities team has heard in nearly two years.
General Electric is selling $12 billion in common stock to the public and $3bn in perpetual preferred stock to Berkshire Hathaway, in what could be the largest US issuance of common shares featuring Deutsche Bank as one of the bookrunners…
Previously, the largest equity capital markets issuance in the U.S. in which Deutsche Bank had served as one of the bookrunners was Ford Motor’s offering of $4.5 billion in convertible bonds in December 2006, according to data from investment-banking research provider Dealogic.
GE’s planned share sale is the fifth-largest common share offering worldwide since the same period last year, including both initial and secondary offerings, according to Dealogic. The largest was the Royal Bank of Scotland’s $24.3bn follow-on offering in June of this year.
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