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Bond Issuance Figure 2: EBITDA margin in year prior to issue Number 25 20 15 10 5 0 0 21 Typical corporate profile of a bond issuer Investors are key for SMEs bond IPOs. Data from pros - pectuses and ad-hoc reports provide insight into their expectations regarding the size and KPIs of the issuer. A recent analysis of SME bonds by Ernst & Young shows the implications for newcomers to the stock exchange and presents the size indicators required to successfully place bonds with investors. Specific company size and financing requirements needed For many institutional investors, critical mass (e.g. size of issuance and business) is an entry criterion that decides whether they can or may invest in a company at all. On the one hand, this refers to the volume of the issue and, on the other, to the size of the company and financing requirement, which are implicitly linked to the volume. The mean corporate revenue in the year before the bond issue is EUR 144 million. Total assets, a further size indicator, have a mean of EUR 125 million. In the case of both KPIs, however, the median values do not reflect the extremes of the market. A balanced financing structure as a starting point Prior to issuing bonds, companies have a relatively balanced financing structure, with a mean equity ratio of 29%. Issuers of SME bonds who already have shares listed naturally have a considerably higher equity ratio. Earnings power required to cover debt servicing The listed bond issuers had diverse, positive earnings power in the last fiscal year before the issue, for which information is available. The mean margins are: 10% for EBITDA, 5% for EBIT and 3% for EBT. The majority have a positive cash flow, with a mean value of around EUR 5 million. Page 44 Deutsches Eigenkapitalforum 2012 10 negative 0%–10% 10%–20% 20%–30% >30% Source: Ernst & Young 4 5 Earnings power increases placement potential Investors’ expectations regarding earnings power and the ability to service debt affect the ability to place the bonds issue. The analysis shows that the majority of bonds (66%) are placed entirely and the share of the coupon in the available EBITDA is significantly lower than for bonds that are not placed entirely with third parties. Readiness and preparation for bond investors’ demands The success of bond issues with regard to placement varies considerably. Not every bond issue is over-subscribed within a few hours. As many examples show, if a bond issue is to succeed, it pays to prepare in good time, thoroughly, and in line with investors’ requirements. �� Good preparation for bond issues – also known as IPO readiness – starts with an internal review of the bond issuer’s current situation. The results are initially tested for plausibility with regard to the discussed target strategy. Necessities and preparatory measures identified at this stage lead to savings, some of them considerable, on financing costs, and increase the likelihood of a trans - action. The internal structures (reporting, accounting, investor relations), the initial and ongoing rating, and an individual issue concept (volumes, investor target group, bond features, bond story and the stock exchange) are important elements of the overall concept. For many medium-sized companies, an IPO through a bond issue is a new financing method and their entry into the capital market. When it comes to attracting investors, the rule in the capital market is: A good first impression generates potential for raising further capital or re-financing expiring debt. This is achieved by preparing the bond IPO in a structured and holistic manner in collaboration with experts – for example, through an IPO readiness assessment.
Private Banking | Investment Banking | Asset Management | Corporate Banking www.berenberg.com Berenberg Bank German Equity Forum 2012 Monday, 12. November 2012 12:15h | Room Hong Kong | Panel Discussion Listed Real Estate as attractive Investment Opportunity Current developments and trends in the field of listed real estate Background to the legal framework Speaker’s report on optimising the process of attracting investors and on future trends in the real estate industry Moderation Oliver Diehl – Head of Equity Capital Markets, Berenberg Bank Speaker Markus Koch – CFO, DIC Asset AG Hans Richard Schmitz – Board member, Hamborner REIT AG Dr. Hans Volkert Volckens – CFO, IVG Immobilien AG Dr. Herbert Harrer – Partner, Linklaters LLP Alexander von Cramm – CFO, Prime Office REIT-AG Kai Klose – Analyst Real Estate, Berenberg Bank Contact: Boris Kögel Capital Markets · Head of Sales Germany Phone +49 69 91 30 90-740
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Page 28 and 29: Equity Markets Selective environmen
Page 30 and 31: Equity Markets Figure 2: Market con
Page 32 and 33: Equity Markets TecDAX’s 10 th ann
Page 34 and 35: Equity Markets TecDAX Composition a
Page 36 and 37: Equity Markets Hearing versus under
Page 38 and 39: Equity Markets Figure 2: An example
Page 40 and 41: Bond Issuance New ways of debt fina
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Page 46 and 47: Bond Issuance “A success model wi
Page 48 and 49: Bond Issuance Stumbling blocks on t
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Page 56 and 57: Bond Issuance Photo: Deutsche Börs
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