Last year was a record for European bond issuance, despite several of the biggest economies being in recession. And banks all over the continent are (cautiously) optimistic about equity in 2010.
But 2009's legal uncertainty hasn't gone away. There are final Basel proposals and the alternative investment directive has softened, but no one knows how the capital rules are going to affect deals. And reviews of the Prospectus Directive and Mifid hang over next year. Perhaps most importantly, 2010 should see an entirely new securities regulator, ESMA, with regulation and enforcement powers. Add to that the new two-tier listing regime in the UK and questions over sovereign debt, and this market looks very difficult to navigate.
The European Capital Markets Forum will help answer these questions. By bringing together the biggest investment banks, best lawyers and top regulators, the Forum will give you the market consensus on structuring new IPOs, bonds from fallen angels, and even securitisations. It is a comprehensive discussion of the biggest topics by the best practitioners in the industry.