5 billion an amount in fall of 77 the lowest since 2002

The turbulence of the markets in recent months have clearly affected lifts of capital of businesses. In Europe, the primary activity shares (investments, introductions, etc.) declined by 37, to 53.7 billion euros in the first half, according to Dealogic (1). The France was hit head-on: Hexagon business lifted that EUR 2.5 billion, an amount in fall of 77, the lowest since 2002. Investments - and capital increases which represent the major part of the activity in Europe - have decreased by 58 to EUR 31.9 billion. It's the lowest volume in the period since 2003!

There was no huge operation like last year, the British insurer Prudential having been set aside. Several programs have been bound, in the continuation of the trend of 2009, restructuring and reinforcement of balance, like that of UniCredit. Some have been for Refinancings as Volks-wagen acquisition, the largest of the half (4.2 billion). "It begins to review capital increases funding operations of mergers and acquisitions, despite the decline in the market and the trend should continue, however says Thierry Olive, at BNP Paribas." One of the lessons of the crisis was the importance of a strong balance sheets and the diversification of funding sources to mitigate the risk. "Bankers expect including emissions of Norsk Hydro and Resolution.

Introductions in the stock market, on the other hand, show a net increase over the same period a year earlier, where the activity was almost zero. European companies - including PZU, Rusal or Amadeus - lifted some 14 billion euros this semester. An Honourable amount account in light of the context: many "SOP" have been postponed and cancelled, as recently as Fideuram or Suek. In total, Dealogic posts more than 20 operations aborted this semester on the Europe - Middle East - Africa zone for some EUR 7 billion.

A more active year end

Some of the candidates to the rating should return in the second half, so that professionals expect a very active year end. Operations of size significantly as the Italian Enel Green Power or Russian EN Group (to choose Hong Kong) are also in the pipes, while in the short term, the Distributor online Ocado, Fairfield Energy and Vallar should take their first steps in Britain. In France, rumors circulate on possible projects in the coming months and Coface, Groupama, Europcar in 2011 the mining division of Areva. "But nothing is sure, given the low valuation of the market," moderates a professional. Not to mention the most expected Lucien Barrière and the pole Accor services. "You should see several introductions and levees of capital in the insurance and finance as well as in the minerals and metals sector, predicted Lawrence Morel, Société Générale, which evokes even a"possible congestion in the fall on the introductions on the stock market, if the market stabilizes,".".

Finally, the convertible, which represent the smallest share of the market, also declined (-21) to EUR 7.6 billion. The market is almost sluggish in eurozone since several weeks. However, specialists expect that even on a recovery in the re-entry. "There is full of terms in the market on French values", one of them said.

Overall, several investment bankers therefore predict a better second half than the first on the primary in General. "Everything will depend on market conditions, moderate Jerome Leleu, at Morgan Stanley. Dynamic primary activity rests on a carrier secondary market, with volumes rising, a decrease of volatility and a recovery of investor confidence. It will be seen, however, no doubt more investment accelerated with market Windows.

(1) Data to June 24, on European companies.