Annual Report 2017

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28 Rothschild & Co | Annual Report 2017
Rothschild Global Advisory
Debt Advisory and Restructuring
Our Debt Advisory and Restructuring teams provide
strategic capital structure advice to deliver the best possible
refinancing and restructuring solutions. During the financial
year, we continued to be highly active in large and complex
debt advisory and restructuring situations, providing
independent advice to clients on c.200 transactions
with a total value of close to US$230 billion(1).
Our Debt Advisory capabilities include advice on capital
raisings and refinancings across all markets, and expertise
across banks, bonds, ratings, derivatives and hedging. We
are one of the world leaders in this field. Our track record
in successfully helping clients to optimise both the sources
of debt and terms of debt finance continues to drive our
debt advisory business generation.
Our Restructuring capabilities include lender negotiations,
recapitalisations, exchange offers, distressed M&A, in-court
and out-of-court transactions and creditor representation.
Our independence and the significant volume of deals we
advise on across M&A and financing advisory place us in a
unique position in terms of market knowledge, and enable
us to deliver client-focused advice without the conflicts of
interests often faced by bulge bracket banks.
Clients continue to engage us on large and highly complex
restructuring assignments. For restructuring assignments
completed during the financial year, we ranked 2nd by
number of deals globally and 1st in Europe(2).
Equity Advisory
Our Equity Advisory teams provide independent advice to
clients on Equity Capital Markets, including a wide range of
capital-raising transactions such as initial public offerings
(IPOs), secondary offerings, block trades, spin-offs and
convertible instruments. The teams work in collaboration
with our industry sector specialists to deliver integrated
advice to our clients, including simultaneous dual-track
disposal/IPO advisory.
We have an unparalleled global footprint and deeper
resources than any other independent equity adviser,
with specialist teams in key equity markets around the
world including New York, Hong Kong, Singapore, Sydney,
Moscow and throughout Europe.
During the year ended December 2017, we advised on c.80
equity capital market transactions worldwide with a total
value of c.US$40 billion(1) and, for the fourth successive
year, we advised on more European IPOs than any other
independent adviser(1).
A list of notable completed financing transactions on
which we advised during the financial year is shown on
the page opposite.
c.200
debt and
restructuring
transactions
with a total value
of US$230bn
Advised more
European equity
assignments than
any other
independent
advisor in
Europe(1)
Financing advisory
Our Financing Advisory teams, encompassing Debt Advisory and Restructuring
and Equity Advisory, provide advice to clients on financing strategy and solutions.
On many occasions they work alongside our M&A experts to deliver integrated,
comprehensive advice to clients.
(1) Source: Internal data.
(2) Source: Thomson Reuters, completed deals, ranked by number of transactions.
By value By number
Region 2017 2016 2017 2016
Global 2 5 2 2
Europe 1 3 1 1
Restructuring league table rankings by region (as at 31 December)(2)