Blog
Perspectives from the desk
Analyses, market notes and press updates published by CGPH Banque d’affaires.
Growth Capital & FundraisingPreferred Equity Is Not Debt Without Coupons: The Price Sits in Control, Conversion and the Waterfall
Preferred equity can preserve cash today while moving part of its price into tomorrow’s ownership, decision rights and exit proceeds. The instrument should be judged as a system, not by the absence of a scheduled coupon.
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Corporate M&A & Strategic TransactionsCerberus–Goodwin: A £1.1bn Headline, but the Real Deal Is the Perimeter
A carve-out does not transfer the business described in the presentation. It transfers the legal entities, assets, liabilities, people, contracts and dependencies that the documents can place on one side of the line at completion.
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Growth Capital & FundraisingA Minority Stake Can Carry Majority Influence: Price the Governance, Not Just the Dilution
The percentage sold is visible. The influence transferred is dispersed across board rights, reserved matters, information, future funding and exit provisions. A serious minority-capital decision prices both.
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Debt & Structured Capital MarketsA €400 Million CLO Creates Capacity. It Does Not Make Credit Risk Disappear
Macquarie Asset Management’s first European CLO is a useful market signal. The important question is not whether risk has vanished, but where it has moved, who now bears it and what new capacity can actually finance.
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Debt, Securitization & Structured Capital MarketsThe ECB Raised Rates into an Energy Shock: The Board Forecast Needs Two Axes
The difficult question is no longer whether rates are higher. It is whether an energy shock lasts long enough—and travels far enough through prices and demand—to invalidate the assumptions connecting a company's budget, liquidity and financing.
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Corporate Strategy & Cross-Border GrowthA Cross-Border Acquisition Has Four Clocks: Regulatory Approval, Financing, FX and Integration
The transaction does not close when one workstream is ready. It closes when regulatory permission, available funds, currency execution and operational readiness can meet on the same date.
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Investment Advisory & Private MarketsAI Can Compare an ETF. The Value of Advice Begins After the Comparison.
Generative AI is making investment information easier to obtain. It is not making the consequences of an investment decision easier to carry.
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Real Estate Advisory & TransactionsSale-and-Leaseback Is Not Free Liquidity: The Operating Commitment Hidden in the Property Sale
A sale-and-leaseback releases capital once and repurchases occupancy over time. The transaction works only when the use of proceeds is stronger than the burden, constraints and risks retained in the lease.
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M&A & Strategic TransactionsEuroclear–Inversis: The Deal Is Complete. The Integration Thesis Is Not.
Euroclear’s move from 49% to 90% ownership of Inversis combines European scale with a strong local franchise. The strategic value will depend on whether the two can be integrated without turning operational complexity into client friction.
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M&A & Strategic TransactionsThe M&A Teaser: A Practical Guide to Earning the Next Conversation
A strong teaser does not try to tell the whole story. It gives the right buyer enough evidence to recognise relevance, while preserving the seller’s control over what is disclosed, to whom and when.
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Strategy & Cross-Border GrowthThe ECB Rate Is Not Your Cost of Capital: Three Prices Boards Must Separate Before 10 September
The policy rate matters. But companies do not borrow from a headline. They borrow through markets and institutions that reprice risk, maturity, collateral, optionality and execution in different ways.
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Growth Capital & Strategic FinanceDebt, Minority Equity or a Strategic Sale? Start With Control, Not Cost of Capital
Debt, minority equity and a strategic sale do not merely carry different prices. They allocate different rights, obligations and futures. A useful comparison begins with what shareholders want to control when the transaction is over.
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