Syndicates plea for sponsors to ditch auctions
ECM syndicates were on Tuesday gearing up for a busy week in the blocks market — though with a degree of trepidation with a run of 11 failed deals in the last three months culminating in a re-priced €613m Hugo Boss deal on Friday. That disappointment came despite sole bookrunner Morgan Stanley inviting in another broker mid-deal to help it with the distribution, and the client providing an extended lock-up agreement.
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