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Bond Issuance Photo: Deutsche Börse AG quarterly reports. PLCs (“GmbHs”) that are not listed in particular still have to deliver on this. We would certainly like to see one or two additional reports from them. They are more than happy to take the cash at the time of issue. But then, you hear nothing more from them for a long period of time. That’s not the idea. A different kind of investor understanding needs to be introduced here… Conference Magazine: …because? Wegerich: …because these issuers will undoubtedly want to trouble the capital market again in five years time, as they cannot pay back their first bond from their cash flow, regardless of whether they believe this themselves or not. And it is for this precise reason that it would be good to keep in contact with investors, and not just when everything is about to go belly up. Conference Magazine: Isn’t this what we normally employ IR agencies for, though? How much can they achieve? Wegerich: That’s very tricky. When the agency is pressing on about the points addressed, issuers are asking themselves whether the agency is perhaps just delivering a sales talk and they don’t see it as honest advice. Issuers are very cost-sensitive in this regard. The cost/benefit understanding has not sunk in everywhere yet when it comes to this point. Page 56 Deutsches Eigenkapitalforum 2012 Conference Magazine: What we can establish, though, is the fact that direct offerings (self-managed issuances) are dragging. Is this also a topic that warrants communication? Wegerich: That’s a massive understatement. Off the top of my head, I can’t think of a single direct offering that was launched on time. How on earth is it supposed to work? An issue is a complex process. How can anyone imagine that it could be a do-it-yourself job? Almost an entire market of services would no longer be justified as a result. Direct offerings simply do not work well, and that’s a fact. Conference Magazine: If we move back to transparency and consequences, which covenants are indeed essential and which ones are, simply put, nonsensical? Wegerich: Mea culpa: At the moment, I think more highly of some covenants, but I have good reason for doing so! For example, the covenant concerning a certain equity ratio. This should not just be paid lip service, but it must actually mean tolerating a corresponding degree of watering down as a result of the necessary increase in equity. In the case of issuers that are not listed, this means taking on board additional shareholders, if necessary. Conference Magazine: …therefore capital measure instead of extraordinary right to terminate? Wegerich: The investor’s right to terminate is naturally not the right option, as the company already has obvious problems. No, borrowed capital must then become equity, with all the consequences for the issuer. Originally, that was what the credit clause was for. Conference Magazine: Don’t many issuers mistake equity for bonds, anyway? Wegerich: Yes, definitely. In many cases, we as investors had to say, “People, if you want to sell this story, then we also want to be there for the upside. That won’t work going down the bond track; that’s an equity story!” And yet it was precisely these bonds that were placed. This is due to the hype, albeit partial, that we discussed. And now, we’ve come full circle; we’re back to what I said at the beginning. Conference Magazine: Thank you very much for talking to us, Mr Wegerich! The interview was conducted by Falko Bozicevic.
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