Conference Magazine - GoingPublic.de - Deutsches Eigenkapitalforum

Content
3 Editorial
Dr. Reto Francioni, Deutsche Börse
Corporate Financing
8 Joining forces
Promoting the German innovation system
Dr. Axel Nawrath, KfW
10 Mezzanine as a value driver for IPOs
Securing growth, corporate independence and
potential for value growth through near-equity
bridge financing
Dr. Jörg Schröder, Olaf Schreckenberg,
IKB Deutsche Industriebank
12 Acquisition finance for German medium-sized businesses
LBO finance market offers opportunities for corporates as well as
PE companies
Kai Frömert, Arno Fuchs, FCF Fox Corporate Finance
16 What are credit ratings?
Ratings reduce information asymmetry and improve market functioning
and efficiency
Tobias Mock, Standard & Poor’s
Capital Markets
20 Stakeholder relations
The best way to anchor the company story
Nico Baader, Baader Bank
22 Research under fire
The value of equity research for the German small- & mid-cap
sector
Gunnar Cohrs, Berenberg Bank
26 “The use of computers and software is
simply an expression of technological
progress in our industry”
Interview with Dr. Miroslav Budimir, Head of
Business Development, Deutsche Börse
Equity Markets
28 Selective environment for
European IPOs
The need for an optimised
preparation process
Thomas Thurner, Johannes
Borsche, Morgan Stanley
32 TecDAX’s 10th anniversary
The changes to the composition of the index document a piece of
German stock market history
Roger Peeters, Close Brothers Seydler Research
Page 4 Deutsches Eigenkapitalforum 2012
36 Hearing versus understanding
The role of investor relations in modern capital markets
Fraser Thorne, Edison Investment Research
Bond Issuance
40 New ways of debt financing
for large caps
Deutsche Börse has
launched its Prime Standard
for Corporate Bonds
Barbara Georg, Eric
Leupold, Deutsche Börse
42 Corporate financing via bonds for SMEs
The capital market as the “new” source of financing on the debt
capital side
Michael Oppermann, Ernst & Young
46 “A success model with weaknesses, but a success model
nonetheless”
Interview with Frank Heun and Arne Laarveld, equinet Bank, and
Mark Hoffmann, Robus Capital Management
48 Stumbling blocks on the road to SME bonds
The most common mistakes in the issuing process and how they
can be avoided...
Christoph Schnabel, GBC
50 Transparency in the capital markets
Higher quality and greater security for investors and a simultaneous
challenge to medium-sized enterprises
Dr. Anne de Boer, Hendrik Riedel, GSK Stockmann + Kollegen
54 “The fact is that direct offerings simply
do not work well”
Interview with Andreas Wegerich, Member of
the Board, youmex
58 Including employees and stakeholders
in a bond placement
Why it often makes sense to think of employees,
stakeholders and retail as investors
Prof. Dr. Wolfgang Blättchen, Dr. Stephan Mahn,
Blättchen Financial Advisory