Deutsche strikes right note with Tuerk privatisation deal

摘要

Deutsche Bank has proven that if the structure is right, large-scale privatisations and emerging markets are still attractive. The emerging markets ECM team that drove through Turk Telecom's deal in Turkey's first IPO of the year talks to Edward Russell-Walling. Get the equity story right and the rest will follow. It worked for Turk Telekom's recent initial public offering (IPO), Turkey's largest ever and its first of this year. Although this was a privatisation and a household name, the markets have not been kind to Turkish IPOs this year and Turk Telekom has got a history of failed privatisation attempts. The emerging markets equity capital markets (ECM) team at Deutsche Bank navigated those rapids to raise $1.9m for 15% of the firm, at a price near the top of the range. After ending 2007 on a high, the Turkish equity market has had an altogether dismal year, falling more than 20% because of worries about political stability. That took its toll on two earlier would-be IPOs: one for Islamic bank Kuveyt Turk Bank and another for miner Koza Gold. Both were planned for February and were cancelled as the market descended.