One down, lots to go: UK hopes £3.2bn Lloyds sale has paved the way for more success
The UK government wrapped up its first sale of its stake in Lloyds with allocations early on Tuesday morning, after strong demand from a granular book of 250 lines had left the deal well oversubscribed. Bankers involved are hoping that a conservative approach to pricing and size — in spite of the fact that the £3.2bn deal was the biggest ever accelerated bookbuild in EMEA — has paved the way for successful subsequent sales as the government looks to sell down its remaining 33% stake.
For much of the day on Tuesday, the market seemed to be in agreement, although weak trading in the afternoon put a slight dampener on an otherwise smoothly executed trade as the stock dipped below the 75p placing price.
"It's weakened a little, but to be honest to do
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